Ghana's Energy Sector, Oil and Gas News
Petroleum prices ordered down 10 per cent
The National Petroleum Authority has announced a 10% reduction in the prices of petroleum products effective 1st January 2015.
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A short statement annoucing the reduction which was issued by the NPA and signed by Yaro Kasambata, Manager, PR & Consumer Services directed Oil Marketing Companies (OMCs) to effect the change at all retail outlets.
"This decision takes a balance position of continuous effort to reduce outstanding under-recoveries and at the same time reflect falling prices of petroleum products on the world market."
The announcement comes after various bodies have agitated for the reduction in consonance with falling market prices while the government maintained that a reduction was not immediately feasible as it was fighting off mounting indebtedness resulting from under-recovery.