PSRL: Transport Ministry in a position to bargain fares for public – NPA boss

The National Petroleum Authority (NPA) Chief Executive, Dr Mustapha Abdul-Hamid, says the suspension of the Price Stabilization and Recovery Levy for the next two months should empower the Transport Ministry to bargain on transport fares on behalf of the public.

He assured that astronomical increase on petroleum prices would not be experienced at the pumps for the two-month period.

“Our measure is yielding result I [must] say with some level of satisfaction,” he said, interacting with the media at Koforidua.

“The Price Stabilization and Recovery Levy suspension is working because prices haven’t jumped at pumps even though international prices of petroleum have gone up.”

He added: “I am hoping once we have done our part to stabilize the prices, the Ministry of Transport will the be empowered to bargain properly on behalf of the Ghanaian people.”

The NPA CE further pointed out that in a deregulated market, no one has power to speak to petroleum product prices and that trading depended on international dynamics and was sure the measure to suspend the Price Stabilization and Recovery Levy will cushion consumers.

“Once the pump prices haven’t gone up, some level of confidence have been gained and going forward there would be a measure for stability to ensure consumers of petroleum products experience only marginal increases.”

The NPA boss in the company of his management team and officials, also toured two pump stations to check compliance levels.

The National Petroleum Authority established by an Act of Parliament (NPA Act 2005, ACT 691) is mandated to regulate the petroleum downstream industry in Ghana.

As a regulator, the Authority must ensure that the industry remains efficient, profitable, fair, and, at the same time, ensuring that consumers receive value for money for petroleum prices.

The NPA suggested to President Nana Akufo-Addo to remove levies on petrol, LPG and diesel for two months to mitigate the impact of rising prices of petroleum product on the world market on consumers.

President Nana Akufo-Addo granted the approval for the suspension of the Price Stabilization and Recovery Levy.