The frequent hikes in fuel prices have hit the country at its worst moment, when the economy is barely surviving. The National Petroleum Authority (NPA) has been announcing periodic adjustments in fuel prices every two weeks. Maybe there is some respite as the Chief Executive of Chamber of Petroleum Consumers, Duncan Amoah, has said there is every indication that fuel prices will decline by some 5% which will come as a huge relief to consumers.
Prices of Petroleum products are expected to witness some decline from last weekend (July 16), with diesel expected go down by more than 11%. This is based on data from some Bulk Oil distributors on pricing of products for the next two weeks. Petrol on the other hand should go down by almost 4%, whilst LPG will fall by almost 10% per Kilogramme.
However, it seems the NPA has not been doing much to ensure that consumers receive value for money and are fairly treated. It seems like anytime fuel prices are announced during the pricing-window and there are price increments, the increase in fuel prices are immediately felt at the pumps. However, when fuel price decreases are announced, we do not see same urgency of effecting changes at the pumps. This paper is concerned with this situation.
As it currently stands, the price of a litre of petrol or diesel literally affects the economic indicators. So when fuel price shifts, an entire economy shifts with it. There have been massive increments in petrol prices in recent times, due mainly to the after effect of the Covid pandemic and the on-going Russia-Ukraine war. The NPA has cited rising world oil prices and depreciation of the cedi as reasons for the increase.
The National Petroleum Authority regulates the petroleum downstream industry in Ghana by ensuring that the industry remains efficient, profitable, fair, and at the same time, ensuring that consumers receive value for money. The situation where decrease in fuel prices are not immediately felt at the pumps must be checked by the NPA.
It is unfortunate that the increment notice takes effect within 24 hours but with regards to the decrement, it barely takes effect. When the prices of fuel are decreased it takes long to be effected at the fuel stations, whilst in some cases we still see the old prices still showing.
The Chronicle is, therefore, urging the National Petroleum Authority to liaise with the Oil Marketing Companies (OMCs) in ensuring that the price of fuel when reduced reflects on the cost per litre.
It looks like the petroleum price increase is going to remain at the high levels for some time and, therefore, when there are marginal decreases the consumers must also be made to benefit. We advise that the NPA should set up a taskforce and pay surprise visits to fuel stations to ensure that the fuel prices are strictly adhered to.
