Accra, Nov.4, GNA- A National Petroleum Planning Committee to prepare and oversee the modalities to the implementation of deregulation of the petroleum sector has been inaugurated.

Membership of the Committee include representatives of the Oil Marketing Companies (OMCs), Ministry of Energy, Ministry of Finance and Economic Planning, Tema Oil Refinery (TOR) Bulk Oil Storage (BOST), the Energy Commission, National Petroleum Tender Board and the Bank of Ghana (BOG).

A statement by the Ministry of Energy in Accra on Tuesday and signed by Mr S.Q. Barnor, Acting Chief Director of the Ministry said the Committee, inaugurated by the Sector Minister Dr Paa Kwesi Nduom was in line with the on-going Energy Sector Reform Programme.

It said the deregulation would be carried out in two phases, the first phase which begins next January, would involve the importation of refined products by the OMC's.

The second phase would involve the importation of crude oil by the OMC's.

The statement said the Committee would work out the detailed arrangements that would make it possible for the objectives of the first phase to be met successfully.

It said care would be taken to ensure that the interests of consumers are taken into account and the deregulation should not affect the free flow of petroleum products in Ghana, the statement said.