The National Petroleum Authority (NPA) has announced the reduction of fuel prices by two percent.According to the regulator in a statement, the reduction was in accordance with the decline prices of crude oil and petroleum on the world market.
Crude oil prices on the world market is currently pegged at US$81.14 after declining from an average of US$109.
The reduction takes effect from Tuesday October 21, 2014.
The announcement is contrary to comments by the Energy Minister, Emmanuel Armah-Kofi Buah, who said the government could not reduce the prices to reflect that on the world market due to the GH¢400million outstanding debt it owed the BDCs.
The NPA has thus, directed all Oil Marketing Companies (OMCs) to comply with the price reductions accordingly.