The National Petroleum Authority (NPA) has stated that it will hold a meeting on Monday December 29, to review the prices of fuel products.
In a statement signed by the Manager in charge of Public Relations and Consumer Services at the NPA, Mr Yaro Kasambata, said the reviewed fuel prices would take effect from December 31, 2014.
Petrol has witnessed a dramatic drop in price from $100 to $67 in December but the NPA has insisted it cannot reduce the price of fuel products due to its indebtedness toe oil distribution companies.
In the statement,“The National Petroleum Authority (NPA) acknowledges the fact that fuel and crude oil prices on the world market have decreased in the last few months warranting a decrease in the ex-pump price.
“However, the NPA was unable to immediately respond to the drop in world market prices because of the huge outstanding debt (under-recoveries) owed the Bulk Oil Distribution Companies (BDCs) to a whopping tune of GHC412million as July 31st 2014 which the NPA has been paying on a fortnight basis through the over-recoveries (windfall) that has accrued totalling GHC200million which has been paid to the BDCs”
The meeting comes off after the Trades Union Congress (TUC) and other identifiable bodies have issue a statement calling on the NPA to reduce the prices of petroleum products.
The statement noted that the authority is yet to decide whether to retain the current prices or effect some changes.