Minister for Ports, Harbours & Railways Professor Christopher Ameyaw Ekumfi has noted that the deregulation of the country's oil business would result in “increased private sector entry into the petroleum industry, particularly in the areas of refining and retailing of petroleum products.”
Speaking at the launch of Shell V-Power, a new brand of fuel introduced by Shell Ghana, Professor Ameyaw Ekumfi noted that the purpose of the de-regulation and liberalization of prices is to enhance competitive marketing and pricing of petroleum products at the pump.
Under the deregulation policy, private sector investors are also allowed to build and operate their own refineries in the country, with the National Petroleum Authority (NPA) now in place to oversee and regulate the oil sector.
Chief Executive of the NPA, John Attafuah said the deregulation of the sector is very key to the growth of the market, adding that the introduction of the Shell V-Power is an important landmark on the calendar of the NPA's deregulation process.
He congratulated Shell Ghana for their innovative product which has brought about an instrumental step in the deregulated market.
Mr. Attafuah also warned that the NPA will ensure that the consumer is protected from sub-standard fuel products as the market gradually opens up for the deregulation and promised that the authority will ensure that Shell V-Power customers get the power from what they are paying for.
Shell Ghana Managing Director, Daniel Nunoo noted that the deregulation of the fuel retail sector coupled with extensive customer research showed that an increasing number of petrol vehicle users are in demand of something more than just fuel.
The introduction of the Shell V-Power unto the Ghanaian market is a result of the findings of their research.
The Shell V-power type of petrol is an advanced 95 octane unleaded petrol, which can help give you more power than lower octane petrol currently available on the Ghanaian market.