Some amendments are set to be made to the National Petroleum Authority ACT, 2005(ACT 691) and the Prescribed petroleum pricing formula regulations 2012.
The amendments, sighted by Citi Business News, were captured in a Cabinet Memorandum are expected to help give legal backing to the implementation of the full price liberalization regime with respect to petroleum products.
[contextly_sidebar id=”EVYx1n0eAJfSsxYTlckvXRAMg1CUIqNC”]The amendment to section 2(2) (m) is to reflect the change in the role of the NPA under the liberalized price regime where petroleum service providers will set their own prices in accordance with the prescribed petroleum product pricing formula which will be collated by the NPA for monitoring and publication purposes.
The cabinet memorandum signed by the Minister of petroleum Emmanuel Armah Kofi Boah , recommends amendments to sections 2 , 37 , 47 , and 81 of the NPA Act.
Also the document outlines the National Petroleum Authority (prescribed petroleum pricing formula (Amendment regulation) 2015.
This is expected to affect regulations 1 , 2 , 6 , 9 , 14 , and 15 of LI 2186.
Noteable among the amended regulations is regulation 1 of LI 2186 amended, which states that paragraph c will be substituted with
- Ensuring that the ex pump prices of petroleum products from each oil marketing company and liquid petroleum gas marketing company are the same at their respective retail outlets throughout the country. Also worthy of mention is the amendment to regulation 6 where paragraph a will be substituted with
- The exchange rate estimated based on the formula agreed between relevant petroleum service providers , the authority , the bank of ghana and the ministry of finance as applicable within a pricing window.
Regulation 14(1 ) amendedw ill ensure the authority shall publish the precribed petroleum pricing formula or any subsequent reviw of the formula in the gazette and in at least two newspapers of national circulation.
According to the document the Ministry of Energy prepared the document after a directive by cabinet for the ministry to lead an adhoc committee comprising the ministers of petroleum, finance and communication, senior policy advisor and head of presidential delivery unit and the national petroleum authority.
By: Rabiu Alhassan/citifmonline.com/Ghana