Oil Marketing Companies (OMCs) across the country have suspended their intended strike to protest the National Petroleum Authority\u2019s (NPA) decision to maintain fuel prices.<\/p>\n
The suspension of the strike follows a timely intervention by President John Dramani Mahama.<\/p>\n
The OMCs had planned to shut down their pumps in solidarity with their colleagues who have been stopped from loading by the National Petroleum Authority (NPA).<\/p>\n
[contextly_sidebar id=”YpRn1Ayun1mOtlfiDzrTwXIy9MvLBiCU”]According to them this is to draw attention to what they consider to be the unfair treatment meted out to them by the NPA.<\/p>\n
The shut-down would have gravely affected motorists and commuters, however the feuding group has suspended their action for now due to the President’s timely intervention<\/p>\n
A follow up meeting on their concerns has however been scheduled for today[Wednesday].<\/p>\n
The NPA has maintained the prices of fuel<\/strong> <\/span><\/a>at the pumps in its regular review of the prices of petroleum products despite a plunge in global price of crude oil, which is selling at about 60 dollars per barrel.<\/p>\n On Monday\u00a0the New Patriotic Party (NPP) in a statement demanded an immediate reduction in fuel prices.<\/strong><\/span><\/a><\/p>\n The party stated that government\u2019s refusal to reduce the prices of petroleum products to reflect the price of crude oil on the world market is \u201cinconsiderate.\u201d<\/p>\n But the NPA has indicated it will not reduce petroleum prices because it \u00a0is taking advantage of the price drop to save money to defray the debt owed Bulk Oil Distribution Companies(BDCs).<\/p>\n The BDCs are demanding over 1 billion\u00a0from government <\/span>in respect of forex exchange losses but government has released only US$150 to the BDCs so far.<\/p>\n Petrol continues to sell at 3 cedis 39 pesewas per litre, Diesel at 3 cedis 30 pesewas, Kerosene at 3 cedis 25 pesewas and Liquified Petroleum Gas(LPG) for 2 cedis 94 pesewas per kilogram.<\/p>\n In June, BDC’s across the country warned of an imminent shortage<\/a><\/strong><\/span> due government’s indebtedness to BDCs after\u00a0international suppliers of petroleum products put under \u2018lock and key\u2019 one week\u2019s supply of petrol and diesel until the BDCs honour their debt obligations to the suppliers.<\/p>\n Local banks also declined to issue letters of credit (LCs) to the BDCs to pay off their debts to their international suppliers because the current debt was threatening the survival of the banks.<\/p>\n The Chief Executive Officer (CEO) of the Ghana Chamber of Bulk Oil Distributors (CBOD Ghana), Mr Senyo Hosi has warned that the situation would create fuel shortages across the country if the government refuses to take immediate steps to pay its debt to the BDCs.<\/p>\n President Mahama, as part of measures to resolve the challenge directed the Finance Minister, Seth Tekper to release \u00a0$60 million to the BDCs to ensure there is enough fuel in the system.\u00a0<\/strong><\/span><\/a><\/p>\n <\/p>\n By: Marian Efe Ansah\/citifmonline.com\/Ghana
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