Price of petroleum products in Ghana will not be reduced until mid February next year.
This is according to the National Petroleum Authority (NPA).
A number of stakeholders have bemoaned the refusal of the NPA to reduce the price of fuel even though crude oil on the world market has fallen by over 40%.
The NPA indicates it is using the difference to defray debt owed the Bulk Oil Distribution companies (BDCs).
Chief Executive of the NPA Moses Asaga tells Citi Business News the prices will be maintained until February next year.
“I will think that once we are making sure there is availability of products for January…..by the end of January and the first window of February we should be able to do this under-recovery. It is about GHS152million out of about GHS415m”, he said.
A number of stakeholders including the Private Enterprise Federation (PEF) have threatened to drag the NPA to court for failing to go by the automatic adjustment formula.
Moses Asaga said it is of no need.
According to him, “there is no need to go court or litigate because it is the same money going back to Ghanaians. It is not like the windfall was rather going to something that we did not understand. But that windfall is going to the petroleum sector.”
“So it is like if on the average, you are supposed to have a certain price and then you did not get that price because you were subsidizing and now the prices have gone down and you have remained flat, if you do the aggregate and find the average, you will notice that you have remained flat as far as the formula is concerned because it is a negative and positive situation”, the NPA boss added.
Petrol continues to sell at 3 cedis 39 pesewas per litre, Diesel at 3 cedis 30 pesewas, Kerosene at 3 cedis 25 pesewas and liquefied Petroleum Gas for 2 cedis 94 pesewas per kilogram.
By: Anim Kwaku Boadu/citifmonline.com/Ghana