The National Petroleum Authority has settled the remainder of the GHc412 million debt it owed the Bulk Oil Distribution Companies (BDCs).
This was contained in a statement issued by the Chief Executive Officer of the Authority, Moses Asaga.
According to the statement, the money used to pay the BDCs was gotten from amounts accumulated from their refusal to reduce petroleum prices to reflect the slump in crude oil prices on the world market.
“…continued to use the windfall from crude oil prices to pay off a debt of GHC412 million under-recoveries owed BDCs.”
It further noted that ‘based on the reduced price, NPA has projected to complete payment of the debt of GHC412 million owed the BDCs by end of February 2015.”
“I am indeed pleased to announce that the mission is accomplished”, it stated.
Last year, there were acute shortages of petroleum products as BDCs were unable to secure bank loans because of government’s inability to clear the debt it owed them.
Business World (with quotes from citifmonline)