Oil Marketing Companies in Ghana will from today June 16, 2015 display their ex-pump prices for petroleum products.
The oil marketing companies (OMCs) have begun configuring their own prices for petroleum products as part of the much-anticipated deregulation exercise.
The exercise takes effect from Tuesday, June 16, according to the National Petroleum Authority (NPA).
In a statement issued by Chief Executive Officer of the Authority Moses Asaga, the development constitutes the first processes towards the implementation of the petroleum product price deregulation.
“The implementation of this first stage of price deregulation will continue into subsequent pricing windows while the Authority reviews the existing legal framework of petroleum products pricing towards a smooth implementation of the full steps of petroleum products price deregulation in Ghana.”
The OMCs are expected to display their ex-pump prices at their retail outlets to allow the NPA monitor “the application of the Prescribed Petroleum Pricing Formula to ensure that all Petroleum Service Providers apply the formula in the right way and defaulters will be duly sanctioned.”