The CEO of Star Oil, Philip Tieku, is calling on the National Petroleum Authority (NPA) to scrap the price floor policy, arguing that it hinders fuel prices from falling further. According to Joy News, Tieku believes this move would bring relief to consumers and stimulate economic growth.
The NPA introduced the price floor policy to prevent unhealthy price competition among oil marketing companies, ensuring the sustainability of the petroleum downstream industry. However, Tieku argues that the policy is anti-free market and punishes consumers.
According to GhanaWeb, fuel prices have recently dropped, with petrol falling from GH¢10.99 to GH¢9.99 per litre and diesel declining from GH¢11.96 to GH¢11.21 per litre. Tieku believes that scrapping the price floor policy would lead to even lower prices.
The NPA has maintained that the price floor policy is necessary to address issues related to unhealthy price competition and ensure the stability of the industry. The authority has set price floors for petrol and diesel, currently at GH¢12.56 and GH¢13.45 per litre, respectively ¹ ².
Tieku’s call comes as Ghana’s energy sector continues to evolve, with a focus on diversifying the nation’s energy mix and encouraging the adoption of cleaner technologies. Star Oil, a leading indigenous oil marketing company, is committed to sustainability and investing in cleaner energy solutions.
The NPA’s price floor policy has sparked debate, with some arguing it promotes stability, while others see it as restrictive. The outcome of this debate will significantly impact Ghana’s energy landscape.
Source: Joy News, GhanaWeb
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Author: Korkor Anumu
