Dr. Theo Acheampong’s claim that Gold for Oil products is sold at higher prices inaccurate – NPA

The National Petroleum Authority (NPA) has issued a press release to react to a claim that petroleum products important through the Gold for Oil (G4O) policy of the government cost higher at the pumps than those imported through other sources.

The claim was made by petroleum economist and political risk analyst, Dr. Theo Acheampong on the Joy Newsfile Programme on Saturday, March 18.

In its press release, the NPA has refuted the claim, insisting that it is inaccurate.

“We would like to state that the claim is inaccurate and may be based on inadequate information available to him, at the time,” a press release issued by the Corporate Affairs Directorate of NPA said on Wednesday, March 22.

It further explained, “Information on the sale of petroleum products by Bulk Import, Distribution and Export Companies (BIDECs) to Oil Marketing Companies (OMCs) depicts that a significant volume of products are sold above the G4O prices.

“For instance, on the 16th and 17th of March many of the BIDECs sold petrol to OMCs at ex-refinery prices ranging from GHS9.63/Lt to GHS11.50/Lt which were above the G4O price of GHS9.60/Lt. Diesel was sold at prices ranging from GHS10.13/Lt to GHS11.50/Lt also above the G4O price of GHS10.10/Lt.”

In its release, NPA said it does not dispute the fact that some transactions are below the G4O prices but stresses that it is important to note that prices of petroleum products are deregulated and therefore market forces can compel BIDECs to reduce their prices to remain competitive.

Read the full press release from NPA below: