The National Petroleum Authority (NPA) is expected to meet to review the prices of petroleum products.
The reviewed prices which will take effect on Wednesday, December 31 is to be announced on Tuesday, December 30.
[contextly_sidebar id=”uJ5BqyAxE5nwmM5uqe74ijQqJ197Eegh”]Since the sharp fall in crude oil prices over the last two months, the NPA has refused to review downwards, the prices of petroleum products.
Opposition parties, Civil Society Organizations and the Trade Union Congress (TUC) have been demanding a reduction of petroleum prices.
The situation prompted some taxi drivers in Accra to embark on a demonstration to demand in a reduction but the NPA in response said it will be unable to give in to their demands.
The NPA boss, Moses Asaga insisted that prices will not be adjusted because the Authority is indebted to the oil marketing companies; an explanation the Bulk Oil Distribution Companies (BDCs) described as justifiable.
A statement signed by the Head of Public Affairs at the NPA, Yaro Kasambata acknowledged that the fall in crude oil prices on the world market in the last few months warrants a decrease in the ex-pump price.
He however 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) to a whopping tune of GHC 412million as July 31st 2014 which the NPA has been paying on a fortnight basis through the over-recoveries (windfall) that has accrued totaling GHC 200million which has been paid to the BDCs”.
By: Efua Idan Osam/citifmonline.com/Ghana