The Head of Economics Regulations at the National Petroleum Authority, Abass Ibrahim Tasunti has revealed that the world market price is the major component used to determine the prices placed on petroleum prices.
Speaking during a workshop for journalists at the Atlantic Hotel here in the western Region to educate them on fuel pricing and quality, Abass Ibrahim Tasunti mentioned that regulations ensure every Oil Marketing Company (OMC) follows the formula set for fuel price determination.
Touching on the price variation of fuel suppliers, Tasunti disclosed that OMCs get supply from different suppliers and among other factors influence price differences in fuel at the pumps.
“The price of petroleum is determined through a formula which has various component. One of them is the world market price of each petroleum product. We take the world market price and there is a cost of bringing the products into the country before it is sold to us. And this cost would include freight, and other cost.”
He also noted there is a standard for fuel quantity that importers have to meet the standard before allowing the products into the country.
He there advised consumers to be vigilant when getting fuel to avoid being cheated and encouraged the public to report any suspicions to authorities.
“There’s a standard for fuel quality. Every import has to meet the national standard before we allow the products into the country. We have a department that goes round to make sure that the products that have entered the country that have met our quality are still intact and that’s what our fuel marking program does.
You have to make sure to get the value for your money paid,” He said.
