NPA refuses to reduce fuel prices

General News of Friday, 16 January 2015

Source: myjoyonline.com

Fuel Pumps

The continuous decline in crude oil prices has failed to influence the National Petroleum Authority (NPA) to reduce fuel prices at the pumps.

Prices of crude oil have fallen to its lowest currently hovering around 40 dollars a barrel and analysts forecast it could fall further.

Many consumers had predicted a further reduction after the 10 percent reduction in January 1, 2015 but at its review meeting today, the NPA refused to reduce the prices.

The decision to keep the price unchanged should mean that consumers will still be buying a litre of petrol today at GHc3.05.

According to the NPA, the measure is intended to quicken the process of clearing debts owed importers of the products.

NPA’s Chief Executive, Moses Asaga also says that they are concerned over the fact that the recent 10 percent drop in petroleum prices has not resulted in a corresponding decline in prices of transport fares, as well as prices of goods and services.

But Energy consultant and former VRA boss Charles Wereko Brobbey, insist there is no justification for keeping prices unchanged, and Government must be forced to bring down prices, in line with world market developments.

Oil prices from the middle of last year have gone down by a little over 60 percent, and there are even predictions that it may drop to as low as 20 dollars a barrel by June 2015.

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