The substantial fall in the price of crude oil has been occurred but the Ghanaian National Petroleum Authority (NPA) is not offering any reduction in the price of petroleum products.
In this regard Yaro Kasambata, the head of communication authority NPA asserts that the last month announced 2% reduction in oil prices is “significant enough”.
This statement of Yaro Kasambata, the Head of Communication Authority NPA is basically an answer to the criticism of The Deputy Minority Leader, Dominic Nitiwul, who demanded to reduce the oil prices in accord with the international market.
Kasambata further explained that the NPA is not contested with the reality of dropped prices but it planned to utilize this profit to pay the owed debts to Bulk Oil Distribution Companies.
Moreover, He stated that, the two percent reduction in oil prices is sufficient enough for customers to accept, as it gives significant benefit to them.
Beside this Kasambata also revealed that NPA earned the 20 million cedis in a month by implementing the policy of two percent reduction on oil prices, and by this profit NPA will pay the owed debts of Bulk Oil Distribution Companies.
According to the reports the NPA is indebted about 400 million cedis to Bulk Oil Distribution companies.
The NPA always employed the automatic price adjustment formula to increase the rates of petroleum products when the prices of crude oil increases in the international market or the value of cedi fell.
In regard of this the NPA reduced the oil prices just 2% whereas the stability of Cedi also made it possible to reduce the prices about 15%.
John Peter Amewu, the official of the Africa Centre for Energy Policy (ACEP), also endorsed the Nitiwul’s claim that NPA never speak the truth about the petroleum prices.
Furthermore, He reveled that from the last couple of months round about 28 percent decrease in the prices of crude oil in the international market has been occurred, which should be reflected in the local market.
Oil Prices in 2014
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