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Cameroon: Time to Embrace New Challenges
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Cameroon Tribune (Yaoundé)
COLUMN
16 May 2008
Posted to the web 16 May 2008
Lukong Pius Nyuylime
Created at the dawn of the first oil shock in May 1974 and reorganised in 1998, the National Hydrocarbons Prices Stabilization Fund (CSPH) had worked almost incognito but performed an important mission in stabilising the prices of petroleum products. From every indication, the population did not understand this important role until when price hikes in petroleum products started growing out of proportion.
Initially assigned with the task of regulating prices of hydrocarbons by partially or totally assuming the cost of increase in petroleum prices, the role of CSPH took another dimension in 1998 following the liberalisation of down stream petroleum activities. Since then the corporation has been ensuring the regular supply of petroleum products nationwide through the regulation of stock and prices. It equally assures rational competition among actors in the sector.
As it takes its seat in the new building, the challenges will even be more. The Prime Minister, Ephraim Inoni stated in his commissioning speech yesterday, that resources initially destined for the payment of rents at the corporation's former building should be redirected towards price stabilisation. In effect, the population will certainly expect much from the corporation following its "new status."
In Cameroon today, hydrocarbons products such as cooking gas, kerosene and petrol are all in very high demand. Considering the low supply of these products, authorities of CSPH will have to work the extra mile to ensure the importation of these products and at the same time ensure that they are sold at acceptable prices. Of course, this would be a very important challenge especially as these are by-products of crude oil and the price of the latter has been increasing at the world market almost steadily.
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