Claim That G4O Fuel Sells At Higher Prices Than Other Sources Inaccurate- NPA

The National Petroleum Authority (NPA) says the claim by Dr Theo Acheampong that prices of fuel under the Gold for Oil deal are higher than those from other sources on the market is inaccurate. 

The NPA says the assertion by the Economist and Political Risk Analyst maybe based on inadequate information. 

According to the Authority, the contrary is what is currently happening on the market. 

In a press release issued on Thursday, March 23, by the Corporate Affairs Directorate of NPA, it urged analysts to seek the right information before commenting on the policy.

“We would like to state that the claim is inaccurate and maybe based on inadequate information available to him, at the time. 

“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,” part of the statement said. 

The Economist and Political Risk Analyst had earlier highlighted some downsides of the gold for oil policy.

Dr. Theo Acheampong pointed out that the Bulk Oil Distributing Companies (BDCs) who did not sign up for the policy are rather selling fuel at lower prices.

This, according to him, does not meet the second objective for the policy, thus to bring down prices of fuel at the pumps.

“As we speak currently, in the recent pricing window, the gold for oil product that came in are actually selling slightly higher than products that are on the market that the normal BDCs who are not participating in this policy programme, are doing,” he stated in an interview on JoyNews Newsfile on Saturday, March 18. 

Dr Acheampong added that “Petrol under gold for oil is selling at about 9.6 cedis per litre and from the non Gold for Oil sources are selling it at about 9.1 cedis per litre. 

So you got almost like a 50 pesewa difference. Similar thing with diesel.”

But the National Petroleum Authority has rejected his claim insisting it is baseless.