Ghana has reduced petroleum prices in the country by 10% effective 1st January 2015. The Public Relations Officer of the Ghana’s National Petroleum Authority (NPA), Yaro Kasambata has announced.
The NPA therefore directed Oil Marketing Companies (OMCs) in the country to effect this change at all retail outlets. This decision takes a balance position of continuous effort to reduce outstanding under-recoveries and at the same time reflect falling prices of petroleum product on the world market, he stated.
Petrol currently sells at about Ghȼ17 per gallon, a price the public considers outrageous in the light of considerable dip in the price of crude oil on the world market.
The price of crude oil currently stands at $53 a barrel.
Despite halving debts owed Bulk Distribution Companies (BDCs), the NPA had maintained it would not review petroleum prices downwards until it is able to clear all its debts.
The NPA was hoping to capitalise on the falling prices of crude oil to clear debts owed the importers. It has so far cleared about half of some GH¢412 million debt owed importers of petroleum products.
African Eye News.com
