NPA cuts petroleum prices by 10%

Getting your Trinity Audio player ready...

Prices of all petroleum products, apart from premix fuel, will be

reduced by at least 10% effective January 1, 2015, according to

sources at the National Petroleum Authority (NPA).

The regulator has therefore directed Oil Marketing Companies (OMCs) to

effect this change at all retail outlets.

The decision takes a balance position of continuous effort to reduce

outstanding under-recoveries and at the same time reflect falling

prices of petroleum products on the world market, the NPA said.

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 BDCs, the NPA had maintained it would not

review petroleum prices downwards until it is able to clear all its


The NPA was hoping to capitalise on the falling prices of crude oil to

clear debts owed the distributors.

The National Petroleum Authority (NPA) has so far cleared about half

of some GH¢412 million debt owed importers of petroleum products.

Credit: Myjoyonline.com

Kofi Oppong Kyekyeku

I am a Ghanaian Broadcast Journalist/Writer who has an interest in General News, Sports, Entertainment, Health, Lifestyle and many more.

Related Articles

Leave a Reply

Back to top button