Fuel Prices To Go Down Next Year - NP

The National Petroleum Authority (NPA) has announced a reduction in fuel prices by next year if crude oil price on the world market keeps falling. The NPA has also revealed that all debt owed the BDCs will be paid by the end of December. According to the Authority, the payment will pave way for a reduction in fuel prices. Pressure has been mounting on the NPA and government to reduce prices of petroleum products following a drastic fall of crude oil prices on the world market but the NPA has on several occasions mounted a spirited defence against such calls, saying it owes the BDCs hence it is saving money to defray the debt. However, according to the Chief Executive Officer(CEO) of the NPA, Moses Asaga, all the debt owed the BDCs will be cleared by end of the year. “What is now left to recover is about 157 million Ghana cedis by the end of December so once we do that I think that January and February, if prices continue to see a downward trend, we should be able to clear those outstanding arrears,” he explained. “The facts are there that government is owing the BDCs 412 million, which is an outstanding debt to the consolidated fund and therefore it has nothing to do with the timing of an election year,” Asaga added. Oil Marketing Companies (OMCs) across the country on Wednesday suspended their intended strike to protest the NPA’s decision to maintain fuel prices. The suspension of the strike follows a timely intervention by President John Dramani Mahama. The OMCs had earlier planned to shut down their pumps in solidarity with their colleagues who had been restricted from loading by the NPA. They stated that their intended strike was to draw attention to what they consider to be the unfair treatment meted out to them by the NPA. The shut-down would have gravely affected motorists and commuters, however the feuding group suspended their action after the President put in place measures to address their concerns.

Source: citifmonline