NPA settles Ghc412m debt owed BDCs

Business News of Thursday, 19 February 2015

Source: citifmonline.com

Moses Asaga Smock

The National Petroleum Authority has settled the Ghc412 million debt owed the Bulk Oil Distribution Companies(BDCs), according to National Petroleum Authority (NPA).

The amount covers the last of debt owed the companies.

Last year, the authority paid Ghc200 million out of its Ghc412 million debt owed the BDCs.

The monies used for the part payment was accrued after the Authority’s refusal to reduce petroleum prices to reflect the crude oil prices on the world market.

The Chief Executive Officer of NPA, Moses Asaga in a statement copied to Citi Business News said that the NPA had paid the outstanding debt owed the BDCs.

Moses Asaga explained that his outfit ‘’continued to use the windfall from crude oil prices to pay off a debt of Ghc412 million under-recoveries owed BDCs.”

It further noted that, “based on the reduced price, NPA has projected to complete payment of the debt of Ghc412 million owed the BDCs by end of February 2015.”

“I am indeed pleased to announce that the mission is accomplished,” it added.

The NPA earlier promised consumers a reduction in prices of fuel.

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