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Dissolve NPA if it cannot regulate fuel prices – Dr. Wereko-Brobby

  • SOURCE: citibusinessnews | qwesa2big
    • POSTED ON: November 7, 2022

    A former Chief Executive Officer of the Volta River
    Authority (VRA), Dr. Charles Wereko-Brobby has called for the dissolution of
    the National Petroleum Authority (NPA) if it can’t regulate fuel price hikes to
    protect consumers.

    Dr. Wereko-Brobby in an interview on Eyewitness News on
    Tuesday, November 1, added that the NPA must control the Oil Marketing
    Companies (OMCs) to follow the laws on deregulation.

    “There is a jungle market going on in fuel pricing.
    Deregulation works because we have set up windows for which price changes will
    be announced. There are two windows for every month. The NPA as the regulator
    is supposed to ensure that it announces what is known as maximum retail prices,
    so no consumer gets cheated by the Oil Marketing Companies.”

    “But NPA has reneged on its duty and given it to COPEC which
    ironically is supposed to be representing the interest of the consumer… COPEC
    is now the chief cheerleader for marketing companies who keep announcing prices
    willy-willy. That is not the way deregulation was set up to go, it just keeps
    piling the pressure on [consumers],” Dr Wereko-Brobby told host Umaru Sanda

    Dr. Wereko-Brobby who is also a chief policy analyst at the
    Ghana Institute of Public Policy Options added that “yes Russia-Ukraine war is
    causing trouble, it has made oil prices go up, but the problem is that the
    government passes all the cost onto us consumers, so prices are adjusted to
    reflect the current global prices but the windfall profits nobody wants to talk
    about it and then somebody says I feel your pain, you cannot feel the pain of
    Ghanaians when you ride 60 strong SUVs to travel round the country.”

    “NPA is the regulator, why do you call them regulators if
    you can’t do anything? Then dissolve them. Why do we call them regulators, they
    are to make sure that the interest of the consumer and the business are both
    protected, you can’t have it one way.”

    Fuel prices shot up again on Tuesday, November 1, with
    diesel hitting GH¢23.49 per litre, while petrol jumped to GH¢17.99 per litre
    with Kerosene also selling at GH¢14.70.

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