Government has indicated that it would not be able to reduce fuel prices in the country despite falling price of the commodity on the international market.
The National Petroleum Authority, the country’s regulating agency which sanctions periodic review in the prices of petroleum products has in recent times come under criticisms due to its refusal to slash prices even though the international market in recent times has been witnessing a decline in prices of crude oil.
However the Minister of Energy has asked Ghanaians not to expect any reduction in the prices of fuel any time soon.
Addressing a workshop in Accra today, Emmanuel Armah Kofi Buah said due to government’s outstanding debts to the Bulk Oil Distribution Companies (BDC’s) it wouldn’t risk sanctioning any reduction to save local commercial banks and the BDC’s who owe these banks huge sums of money.
Mr Kofi Buah further expressed government’s commitmenmt to deregulating the country’s petroleum industry to increase competition in that sector.You heard Minister of Energy and Petroleum Emmanuel Armah Kofi Buah
In a related development,
The National Petroleum Authority has debunked assertions that its activities are “shrouded in secrecy.”
This follows the backlash it continues to receive especially in downward or upward price adjustments of petroleum products.
However speaking to News Watch, the Director of Public Affairs at NPA, Yaro Kasangbata said the work and activities of the authority is always open to the public and indicated its preparedness to further open up its activities.
He spoke with my colleague Ekow Annan.
Yaro Kasangbata is the Director of Public Affairs at the NPA
