Addae-Mensah heads petroleum board

The government yesterday reconstituted the National Petroleum Tender Board (NPTB) with new terms of reference under the chairmanship of Professor Ivan Addae-Mensah, a former Vice Chancellor of the University of Ghana.

A statement signed by the Minister of Information and Presidential Affairs, Mr Jake Obetsebi-Lamptey, said the Board would have institutional representation from the Trades Union Congress, Association of Ghana Industries and the Oil Marketing Companies (OMC).

Other members are Mrs Gifty Affenyi-Dadzie, Chief Executive Officer, First African Financial Services and President of the Ghana Journalists Association, Mr Kwame Pianim, an economic consultant, Mr Kwame Gyasi, a lecturer at the University of Ghana, Legon, as well as Mr Ken Ohene Agyapong, Mrs A. Baiden Amissah and Mr Mike Gizo, all members of Parliament.

The statement said the NPTB has the primary responsibility of assessing ex-refinery prices of all petroleum products produced at the Tema Oil Refinery or those imported for distribution on the Ghanaian market, to ensure their alignment with the national petroleum pricing formula.

In the interim, it said, the NPTB shall exercise general oversight and also seek to achieve maximum economic and financial benefits from any procurement of petroleum products for Ghana while providing for consumer satisfaction through the availability of reliable product services throughout the country at all times.

The statement said under the terms of reference, the NPTB shall ensure at all times the sustenance of equity and balance in the import parity equivalent for all products produced in the oil refinery relative to direct imports of finished petroleum products.

It shall manage the implementation of the National Petroleum Pricing Formula to ensure optimal price-cost re-alignment and effective cross-subsidisation of all critical products without creating uncompetitive or distortions in the pricing trends for the market.

"It shall provide the mechanism for regular review of allowable ex-refinery prices and such other charges as may be applicable under the pricing formula for the petroleum distribution market.