The National Petroleum Authority (NPA) has stated that it will hold a meeting today, December 29, 2014, to review the prices of petroleum products.
A statement signed by the Manager in charge of Public Relations and Consumer Services at the NPA, Mr Yaro Kasambata, said the reviewed fuel prices would take effect from December 31, 2014.
It said the NPA acknowledged the fact that fuel and crude oil prices on the world market had dropped in the last few months, warranting a decrease in the ex-pump price.
However, it said, the NPA was unable to immediately respond to the drop in world market prices because of the huge outstanding debt (under-recoveries) owed the bulk oil distribution companies (BDCs), amounting to GH¢412 million as of July 31, 2014.
It said the NPA had been paying the outstanding debt of GH¢200 million to the BDCs on a fortnight basis through the over-recoveries (windfall) that had accrued.
The prices of petroleum products have gone down on the world market, but the NPA is yet to reduce the prices of fuel.
This prompted the Trades Union Congress (TUC) and other identifiable bodies to issue a statement calling on the NPA to reduce the prices of petroleum products.
Source: Daily Graphic
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