Journalists schooled on petroleum pricing formula

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Spining

The National Petroleum Authority (NPA) has engaged media practitioners to equip them with requisite knowledge on petroleum pricing formula and quality.

The meeting sought to ensure that the media practitioners, who were drawn from Tamale, would be better placed to educate members of the public on hikes in the prices of petroleum products on both local and the international markets.

Mrs Alpha Welbeck, the Director of Economic Regulations and Planning at NPA, who spoke during the event in Tamale, said it was also to update participants on petroleum pricing formula, deregulation and fuel quality to enhance transparency.

She noted that transparency was key in petroleum pricing and quality as it would help to clear consumers’ misconceptions on the issue.

Mr Abass Ibrahim Tasunti, the Head of Economic Regulations at NPA, who made a presentation on the pricing formula of petroleum products, said the pricing of petroleum products was not only dependent on the local market but also the global market.

He said the country consumed more petroleum products than produced, adding the fact that the country produced oil did not mean it would not be affected by price hikes.

He explained that factors, including geopolitics, wars, political unrest, and natural disasters, affected the pricing of petroleum products.

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