NPA hints of further fuel price drop

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Fuel prices
Fuel

Crude oil prices saw a sharp upward adjustment on the international? market.? Chief Executive Officer of NPA, Moses Asagah, said the regulator will review prices after it has paid off some of the $4bn debts owed to importers.

Fuel prices
Fuel

He told an Accra based radio that by the end of the month the regulator would have managed to clear part of the huge debts that government currently owes the Bulk Oil Distributors.

The downward price review would usher in a process whereby of price reviews would correspond to developments on the world market.

Price of Petroleum products from June last year has gone down by a little over 60 percent but there has not been a corresponding reduction in prices at the pumps.

The Authority over weekend kept prices of various petroleum produces unchanged ? meaning a litre of petrol still sells at GHC3.05 and diesel at GHC2.97 per litre.

The National Petroleum Authority has not been able to further reduce the price of the commodity because the benefits to consumers through reduction in transport fares and goods and services have not happened despite the last downward price review.

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