NPA Educates Media In WR On Petroleum Quality And Pricing Formula
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The National Petroleum Authority (NPA), has held a day’s training for media practitioners in the Western Region to provide them with the necessary information on petroleum pricing formula and quality in the country.
The training organized by the NPA was to, among other things, equip the media with the requisite knowledge to educate the public on the prices of petroleum products in the local and international markets.
The programme was also to educate the participants on petroleum pricing formula and fuel quality to enhance transparency and accountability.
Mr Ibrahim Abass Tasunti, Head of Economics Regulation at NPA who took the participants through, pricing formula of petroleum products, said the pricing of petroleum products was based on demand and supply in both the local and global markets.
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He indicated that factors such as political unrest, geopolitics, wars, decision by major oil producers to reduce products, natural disasters, pandemics, increased mobility, and the strength of the US dollar all affected the pricing of petroleum products.
Mr Tasunti explained that though Ghana produced Crude oil it consumed more petroleum products than what it produced, adding that producing oil and having an oil refinery did not guarantee low fuel prices.
According to him refineries only help to guarantee the security of supply but do not guarantee low prices.
He said Ghana owns only 27,000 barrels representing 18 percent of the 150,000 barrels of crude oil produced in the country daily.
By: GNA
