The Chamber of the Bulk Oil Distribution Companies (BDCs) has defended the National Petroleum Authority’s (NPA) refusal to reduce fuel prices.<\/p>\n
According to Mr. Horsi, there is nothing illegal about the NPA’s decision not to reduce petroleum prices despite the fall in crude oil prices on the world market.<\/p>\n
[contextly_sidebar id=”9jBRDSdaKxQLafmCnoL9U2oy84oAwwwN”]Pressure has been mounting on the \u00a0NPA and government to reduce prices of petroleum products but the NPA has on several occasions mounted a spirited defense against such calls.<\/p>\n
Speaking on Eyewitness News,<\/strong> the Chief Executive Officer (CEO) of the Chamber,\u00a0Senyo Horsi said crude oil prices\u00a0will be reduced by 10 percent \u00a0in January 2015 on the world market…but it is not fair to suggest that the prices should go at 30 percent.\u201d<\/p>\n He argued that the NPA is not bound by law to strictly use the Automatic Adjusting Formula saying, \u201cthere is nothing illegal on what is going on with the NPA policy. It is not a law that we should have an Automatic Adjustment Formula. It is a policy as to when they want to apply it, they do.\u201d<\/p>\n \u201cThe truth of the matter is that we have hardly been paying the right prices for a very long time in this country and as a result, we have accrued debts. The debt stands at about GHC 1.5 billion but we have only GHC 15 million budgetary provision for 2015,\u201d he disclosed.<\/p>\n The BDC boss also chastised the Trades Union Congress (TUC) for criticizing government over the matter because according to him, the TUC had earlier disagreed with government\u2019s decision to use the Automatic Adjusting Formula to determine petroleum prices.<\/p>\n \u201cThe TUC somewhere in the year had complained when the government was trying to apply the Automatic Formula and then government had to move to the manual section.\u00a0 We have been doing this manual thing and had abandoned the automatic thing for quite a while now,\u201d he narrated.<\/p>\n He cautioned Ghanaians and other stakeholders to be “very honest and fair with our advocacy and in our debate on issues like petrol. If we really want to live with an automatic adjustment formula then we should live with it whether it favors us or not.\u201d<\/p>\n <\/p>\n <\/p>\n By: Patricia Conteh\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":" The Chamber of the Bulk Oil Distribution Companies (BDCs) has defended the National Petroleum Authority’s (NPA) refusal to reduce fuel prices. According to Mr. Horsi, there is nothing illegal about the NPA’s decision not to reduce petroleum prices despite the fall in crude oil prices on the world market. [contextly_sidebar id=”9jBRDSdaKxQLafmCnoL9U2oy84oAwwwN”]Pressure has been mounting on […]<\/p>\n","protected":false},"author":20,"featured_media":39091,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[43,22,38,4],"yoast_head":"\n