Petroleum Deregulation Policy achieving its purpose – Alex Mould

Deregulation rather increasing prices of petroleum product - COPEC

Prices increases due to excessive taxing, Alex Mould

NPA must play its regulatory role better

Former Chief Executive of the Ghana National Petroleum Corporation (GNPC), Alex Mould, has insisted that contrary to the suggestion by the Chamber of Petroleum Consumers (COPEC), the Petroleum Deregulation Policy was

Read full article.achieving its purpose.

He said the policy had four specific objectives which included removing the influence of government in the price of petroleum, fair competition, transparency in pricing and attracting investment into the sector.

Speaking on Joy News, Mr Mould said all these objectives have been achieved adding that now the government is not burdened with subsiding the fuel and the price of products in the sector was transparent.

"There is more investment in the sector, the banks are now willing to invest in the sector by buying the fuel or investing the fuel station; as you can see fuel station spring up like a mushroom in the country – there is at even corner – and this is because we have about a 100 oil marketing companies which are ridiculous of a country of these seize," he said.

He, however, noted that the number of players in the industry was an issue the National Petroleum Authority (NPA) must address.

“If you have that many players some would try to cut corners," he said

According to him, some of the players were already cutting corners by adulterating fuel, adjusting pumps so that they would not give the right amount of fuel and selling contaminated fuel.

He said the NPA should be playing its supervision role better to avert these bad practices so the consumers were not continuously violated.

The former Chief Executive also attributed the hike in prices of petroleum to the excessive taxes government has placed on them.

He said in addition to the reduction of the price stabilisation levy, the government must either reduce or remove the Special Petroleum Taxes on fuel products.

He explained that the reason for the Special Petroleum Tax was no longer relevant and, therefore, the tax should be reduced if not scrapped totally.