Following mounting pressure to reduce petroleum prices due to the drop in crude oil prices on the world market, the National Petroleum Authority (NPA) has reduced fuel prices by 10%.
The decrease will take effect from tomorrow, January 1st, 2015.
The Authority had early on refused to reduce the prices arguing it owed the Bulk Oil Distribution Companies a whooping GHc412,000 and wanted to clear the debt first.
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
The NPA has therefore directed all Oil Marketing Companies to reduce prices at the pumps.