An estimated GH¢4.4 billion has been saved to the economy of the country following the deregulation of petroleum pricing in the country.
This follows an assessment carried out between June 2015-June 2016 which showed average pricing differential between the Automatic Petroleum Product Pricing Formula (APPF) and the current pricing regime.
The Chief Executive Officer of the Bulk Oil Storage and Transport and acting boss of the Tema Oil Refinery, Kwame Awuah-Darko, told journalists here at Ada on Monday at the mid- year review of the Ministry of Petroleum, that the deregulation had resulted into savings to the Ghanaian petroleum consumers because they have wide range of petroleum pricing to choose from.
Prior to the deregulation, the National Petroleum Authority was in charge of determining petroleum pricing which was based on some factors including the prices on the world market and the exchange rate.
With deregulation coming on stream, the oil marketing companies now fix their own prices and consumers are now offered competitive prices to choose from, adding that the oil marketing companies were making profit in spite of the taxes.
Mr Awuah-Darko said the TOR was functioning well and that the future of the refinery was “secured” adding that it would be impossible for oil marketing companies to import cheaper petroleum products than Ghana.
He said three million barrels of oil was being refined daily and that would go up to four million barrels per day.
The acting TOR boss said the petroleum downstream sector had peaked up in the country and that the export of petroleum products through the Paga border to Burkina Faso and Mali had generated economic activities along the corridor, thus stimulating the local economic.
The Chief Executive Officer of Ghana Oil Company, William Asomaning, underscored the efforts of the state-owned oil company in the deregulation regime by helping to keep petroleum prices as low as possible saying, “if GOIL were not involved prices would have been higher.”
From Salifu Abdul-Rahaman, Ada