The National Petroleum Authority has denied allegations by former Finance Minister, Ato Forson, that the Authority illegally received revenues through the collection of the Unified Petroleum Price Fund (UPPF), Bulk Oil Storage and Transportation (BOST) and Fuel Marking Margins.
The NPA, in a press statement, reiterated its mandate to collect, charge or receive revenue with respect to the UPPF, BOST, and Fuel Marking Margins 2012, Legislative Instrument (LI) 2186.
“The NPA wishes to state that its mandate to collect, charge or receive revenue with respect to the UPPF, BOST and Fuel Marking Margins is derived from the National Petroleum Authority (Prescribed Petroleum Pricing Formula), Regulations 2012, Legislative Instrument (LI) 2186, passed by the Parliament of the Republic of Ghana in July 2012.”
“These margins were not just increased in 2021 but have been increased periodically since 2009 to this present time, due in part to the increases in the cost of operations in these activities over the time,” said a statement by the NPA’s Corporate Affairs Division.”
“Regulations 9 to 13 of the LI 2186 determines how to review the prescribed petroleum pricing formula, which states that the pricing formula shall include these margins and the Authority shall indicate these margins to take care of the above-intended costs accordingly.”
“We, therefore, wish to state emphatically that NPA is acting legally as specified in the Prescribed Petroleum Pricing Formula Regulations 2012, LI 2186 and that the UPPF, BOST and Fuel Marking Margins charged in the price buildup are not illegal charges as asserted by Dr. Cassiel Ato Forson,” parts of the statement read.
Below is the full statement from the NPA:
National Petroleum Authority