The National Petroleum Authority (NPA) is expected to announce a review in petroleum prices tomorrow December 30.
The reviewed prices will take effect from Wednesday, December 31.
Despite the sudden drop in crude oil prices worldwide, the NPA has refused to review downwards the prices of petroleum products.
According to a statement signed by the Head of Public Affairs, Yaro Kasambata, even though the fall in crude oil prices on the world market warranted a downward review, the Authority was unable to generate an immediate response because of the huge debt it owed the Bulk Oil Distribution Companies (BDCs).
As at July 31st, 2014, the NPA owed the BDCs a whooping GHc412million “which the NPA has been paying on a fortnight basis through the over-recoveries (windfall) that has accrued totaling GHC 200million which has been paid to the BDCs”.
Meanwhile, opposition parties, Civil Society Organizations and the Trade Union Congress (TUC) have been demanding a reduction in petroleum prices.
Business World (with notes from citifmonline)