Energy Policy Analyst, Mr Benjamin Nsiah has stated that the National Petroleum Authority (NPA) is sleeping and must wake up in order to prevent more upsurge in fuel prices.

According to him, if the NPA does not stamp its authority, the prices of fuel may continue to escalate.

“I think in this critical times, the NPA is sleeping and they must wake up before things get worse.”
Mr Nsiah

Speaking on ‘Ade3 Akye Abia’ morning show Today, November 1, Mr Nsiah lamented that the National Regulator of the petroleum downstream, Mr Mustapha Abdul Hamid, is failing Ghanaians as he is not discharging his duties well.

“I want to state emphatically that the National Regulator of the petroleum downstream is letting Ghanaians down, he is not doing his job well.”
Mr Nsiah

He further stated that it is mandated onto Dr Mustapha Hamid, who is the Chief Exective Officer of the NPA, to protect petroleum consumers or users just as he is protecting petroleum service providers.

He opined that, not only providers of fuel must be protected when things become difficult, but also fuel users, must be protected against exorbitant prices.

“In as much as he is protecting petroleum service providers, it is mandated onto him to protect petroleum users too. That is what the law says, he should go and read it.”
Mr Nsiah

The Energy Analyst disclosed that even though there are international factors as well as the depreciation of the cedi which are contributing to the upsurge in prices, some sellers are taking advantage of the situation to rip off consumers.

Mr Nsiah further noted that, fuel should not exceed GHS17 and diesel should also not exceed GHS 23 as any service provider who sells them more than that must be doing so in collaboration with the NPA.

“Petrol should not exceed GHS17 and diesel should not exceed GHS23. Anyone who sells them more than the above mentioned prices is trying to rip off Ghanaians in collaboration with the NPA.”
Mr Nsiah

New Petrol And Diesel Prices

Some Oil Marketing Companies (OMCs) have increased prices of petroleum products at the pumps from this morning, November 1, 2022.

Petrol and diesel prices are now going for an average of ¢18 and ¢23 per litre, from the previous prices of ¢15 and ¢19 per litre respectively.

Already, some leading OMCs have adjusted their prices of petroleum products at the pumps.

They attribute the significant increase in the price of fuel to the sharp depreciation of the cedi over the past two weeks.

The Institute for Energy Security (IES) had earlier stated that petrol and diesel prices were expected to go up further to ¢18 and ¢20 per litre by the middle of November 2022.

But this current increase in the prices of petrol and diesel indicate that the new prices have come too early.

Mr Nsiah urged Ghanaians to purchase petroleum products from pumps with cheap prices.