National Petroleum Authority Price Review Meeting Today


The National Petroleum Authority (NPA) says it 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 GHC412 million as July 31st 2014 which the NPA has been paying on a fortnight basis through the over-recoveries (windfall) that has accrued totaling GHC200 million which has been paid to the BDCs.

This was in a statement issued in Accra and signed by the Manager, PR and Consumer Services National Petroleum Authority Yaro Kasambata on Sunday December 28 2014.

A meeting scheduled on Monday to review the prices had to be rescheduled to today Tuesday December 30.



GBC