Mohammed Saani Ibrahim
The National Petroleum Authority [NPA] has agreed to abide by the rulings and directives of the High Court to publish all the amounts obtained in the ex-refinery differential account in the Dailies.
Speaking to Pressmen in Accra recently, the Chief Executive Officer [CEO] of the Authority, Mr. Alex Mould, explained that the ex-refinery differential was introduced in 2006 when government interventions in the administration of the petroleum pricing policy caused problems to the Petroleum Services Providers [PSP's] including the Tema Oil Refinery[ TOR].
The Government interventions according to him also resulted in an inadequate pricing of petroleum products especially LPG, kerosene and Premix as well as the consequential under recovery of cost of procuring, processing, transporting, storing and marketing expenses.
As a result, the NPA Boss, announced that his outfit in consultation with the PSPs agreed and set aside such ex-refinery differentials for setting under recoveries due them arising out of Government interventions.
He disclosed that funds that accrue in the ex-refinery differential account are used in settling petroleum service providers who have been assured of import parity and who supply products at the international price which is higher than the prevailing ex-refinery price on the local market.
Mr. Alex Mould further disclosed ‘' This destabilizing fund since its inception has , for its most part, been in the negative and has been funded by Government to enable the NPA meet the under-recovery payments to the TOR and other petroleum importers and as such Government has in 2011 alone paid in excess of GH450 M in subsides for petroleum products.
The NPA, upon the introduction of the ex-refinery differential held wide consultations with relevant stakeholders including the TOR, Bulk Distribution Companies, Government and the Association of Oil Marketing Companies which resulted in the need to introduce a stabilization margin to manage the unpredictable swings in the international market.
The NPA Head explained that that the ex-refinery differential is a stabilizing margin that ensures that if prices remain within a certain range, as determined by the Authority, funds will accrue to and be Paid to meet the obligations to the suppliers in consonance with the full cost recovery principle of the prescribed pricing formula.
It would be recalled that the High Court of Justice on January 24th this year, refused to grant the NPA's request for a stay of execution in respect of the ruling in the Development Data versus NPA/TOR in respect to the Courts ruling of November 28th 2011 which described the introduction of ex-refinery differential in the prescribed petroleum formula as an illegal imposition of tax not approved by parliament in accordance to Article 174 of the 1992 Ghana Constitution.
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MOHAMMED SAANI IBRAHIM - About the Author:
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D0B'' 27th October
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Source: http://www.articlesbase.com/economics-articles/npa-to-abide-by-courts-ruling-5618329.html Article Tags: petroleum, administration, refinery, importers, marketing companies, consilidated, dailies, officer, premix, interventions, constitution, pricing formula, swings, obligations Latest Economics Articles More from MOHAMMED SAANI IBRAHIM Mills must pursue woyome case to conclusion'' The Ghana Integrity Initiative, Ghana chapter for Transparency International urged President Mills to pursue the recent Woyome scandal to its conclusion.
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