Fuel price reduction comes off February ending

Prices of petroleum products could start witnessing significant reduction possibly by the end of this month, according the regulator.

The National Petroleum Authority (NPA) has told Joy Business it will review prices of the commodity after settling part of the 4 billion-dollar debt owed importers of the product.

NPA told Joy Business, the February downward price review would usher in a process whereby price reviews would correspond to developments on the world market.

The National Petroleum Authority says by February, it should have managed to clear part of the huge debts that government currently owes the Bulk Oil Distributors.

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

The Authority over the weekend kept prices of various petroleum produce unchanged — meaning a liter of petrol still sells at Ghc3.5 and diesel at Ghc 2.97.

Chief Executive of the National Petroleum Authority, Moses Asaga, told Joy Business in a previous interview that his outfit has not been encouraged to 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.

Source : myjoyonline.com