Fuel prices have been reduced by 2 percent.
This is according to a statement issued by the?National Petroleum Authority (NPA), which said?the reduction is in accordance with reduction in the prices of crude oil and petroleum products on the world market.
The reduction takes effect from Tuesday October 21, 2014.
The NPA?s decision comes days after Energy Minister, Emmanuel Armah Kofi Buah, said that despite falling price of crude oil on the international market, the?government was not in a rush to cause a reduction in the prices of petroleum products?at the pump.
He told?Citi News?in Accra that with a banking crunch looming over Ghana due to government?s indebtedness to Bulk Oil Distribution Companies ? who also owe various commercial and banks in the country ? it was only prudent for the state to use windfalls from current local price levels to help clear the 400 million cedis debt from under-recoveries.
The National Petroleum Authority has directed all Oil Marketing Companies (OMCs) to comply with these price reductions accordingly.
Government had blamed the increase in the price of petroleum product earlier in the year, on the depreciation of the Cedi against the major trading currencies.
However, with the gradual appreciation of the Cedi, Ghanaians have been demanding a reduction in the prices of general goods and petroleum products.