The Minister of Vitality and Inexperienced Transition, John Jinapor, has referred to as for innovative reforms to boost the efficiency of the downstream petroleum sector and stabilise the costs of gas on the pumps.
He mentioned the structural inefficiencies, regulatory and monetary challenges, and market constraints throughout the downstream petroleum sector contributed to larger gas costs on the pump on the expense of the buyer.
Talking on the Chamber of Oil Advertising Firms (COMAC) Downstream Dialogue in Accra on Tuesday, Mr Jinapor acknowledged that innovation might assist handle the challenges dealing with the downstream petroleum sector to drive down the price of gas for customers.
The 2-day occasion was on the theme: ‘Ghana’s Downstream Oil and Gasoline Sector: Challenges and Alternatives.’
It’s designed to carry collectively key stakeholders within the downstream petroleum sector to debate pertinent points, share insights and develop actionable methods for trade progress and sustainability.
The dialogue mentioned matters equivalent to “Coverage Growth and Regulatory Reforms,” “Downstream Petroleum Sector Native Content material and Participation.”
Mr Jinapor, who was particular visitor of honour, mentioned challenges dealing with the downstream petroleum sector additionally introduced alternatives that gamers might benefit from to assist enhance the sector.
“The growing demand for petroleum merchandise and dynamic nature of the petroleum downstream sector opens an avenue for infrastructure improvement and enlargement, adoption of recent and progressive applied sciences, elevated Ghanaian content material and Ghanaian participation, elevated petroleum merchandise provide,” he defined.
Moreover, Mr Jinapor indicated that the necessity for reforms additionally current a chance for public-private partnerships to execute important sector improvement initiatives and programmes.
The Minister additionally talked about that his outfit would quickly arrange a Committee with illustration with trade organisations to return out methods to handle the challenges dealing with the trade.
“The Committee will think about and deliberate on key interventions such because the promulgation of a downstream regulation, a overview of the margins, taxes and levies within the Value Construct Up (PBU) of petroleum merchandise, diversification of petroleum merchandise provide sources, implementation of a cost-reflective tariff framework, improvement of a low carbon gas market scheme, modernization of the state-owned refinery by means of strategic accompliceship, to say however a number of,” the Minister acknowledged.
He lauded COMAC for the dialogue, saying “This dialogue units the tone for an in depth dialogue of main points within the sector with the
goal of churning out constructive options to boost its operations.”
The Minister mentioned the Ministry of Vitality and Inexperienced Transition was dedicated to creating an enabling setting that fostered progress, collaboration, and ensured that the advantages of the nation’s assets have been equitably distributed.
The Chief Govt Officer (NPA), Mr Godwin Tamaklo, lauded COMAC programme, saying “It’s a sensible thought.”
He mentioned the petroleum trade was evolving and rising, including that the mentioned the sector equipped 4.5 million tons of gas to households and trade.
Mr Tamaklo mentioned the NPA took the problem zonalisation significantly and had requested for the event for a memo on the problem.
The NPA CEO inspired individuals to actively take part within the programme and supply insights and recommendations to drive the trade.
The Chief Govt Officer of COMAC, Dr Riverson Oppong, mentioned the oil and gasoline trade was the lifeblood of many world financial system.
He mentioned the trade contributed about 8.5 of the nation’s Gross Home Product.
Dr Oppong once more indicated that challenges equivalent to regulatory bottlenecks coverage inefficiencies have been threatening the expansion and survival of the downstream petroleum sector.
The CEO of COMAC additional acknowledged that the programme was to deliberate on challenges dealing with the sector and are available out answer to handle them.
He mentioned vitality transition and finance can be a few of the main points to be mentioned on the programme.
Dr Oppong pledged COMAC’s dedication to collaborate with the federal government to advertise the downstream petroleum sector.
The Board Chairman of COMAC, Gabriel Kumi, in his remarks mentioned the programme was to carry consultants and stakeholders to debate measures to advertise the expansion of the downstream petroleum sector.
He mentioned the dialogue would function launchpad to form the dialogue of the sector.
BY KINGSLEY ASARE
