The National Petroleum Authority (NPA) has reduced fuel prices by 10 percent effective January 1, 2015.
The NPA has subsequently directed all Oil Marketing Companies to reduce fuel prices at the pumps.
[contextly_sidebar id=”M28zqPW2p9J1NaawcJ1waskAm3weja2D”]This follows incessant pressure from various political and pressure groups’ for government to reduce the prices due to the continuous fall of crude oil prices on the world market.
Government had earlier refused to reduce the price of fuel at the pumps, arguing that the NPA needed to raise funds to settle its debts to the Bulk Oil Distribution Companies (BDCs).
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.
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.
However a press statement issued by the NPA indicated that decision to review fuel prices forms part of efforts to “reflect falling prices of petroleum product on the world market.”
It further explained that the decision takes a balance position of continuous effort to “reduce outstanding under-recoveries” to the BDCs
By: Marian Efe Ansah/citifmonline.com/Ghana