• About Us
  • Contact Us
Account
GTB
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
Account
Ghana Talks Business
No Result
View All Result

BDCs reject calls for further fuel price reduction

06/01/2015
Reading Time: 2 mins read
405
SHARES
Share on FacebookShare on TwitterShare on WhatsApp

Bulk Oil Distribution Companies have come to the defence of government over calls for more than 10% reduction in prices of petroleum products.

Chief Executive Officer of the Chamber of Bulk Oil Distributors, Senyo Horsi, says mounting pressure on the National Petroleum Authority (NPA) to review prices of fuel further is misplaced.

Following a steep fall in world market prices of crude oil by about 50%, the petroleum regulator, NPA directed a 10% reduction in prices at the pumps for all products.

However, some analysts, the Minority and pressure groups have launched scathing attacks on government over the 10% reduction; they say the reduction does not reflect the dwindling prices of crude oil on the international market.

The Minority has called on the public to take to the streets to compel the authorities to further reduce prices.

Pressure Group Occupy Ghana says fuel prices should have been reduced by 50% instead.

But the bulk oil distributors say the suggestions for a 50% reduction are preposterous.

“50% reduction on crude oil (prices) does not necessarily translate into 50% reduction on products. That’s one misinformation that seems to be out there. Crude is a key input for production of refined products but it is not the only input. So when [crude] drops 50% does not mean everything should also drop by 50%”, explained Senyo Horsi.

Senyo Horsi said those calling for further fuel price reduction do not seem be interested in debts owed the BDCs by government.

Government’s total debt owed the Bulk Oil Distribution Companies is currently in excess of Ghȼ1.5 billion.

“I have hardly heard any debate from the Minority or the Majority talking about how our debt will be paid” lamented Mr Horsi.

Source: Joy Online

Previous Post

The onrushing wave

Next Post

Conversion of polytechnics to varsities to start 2016

Related Posts

AWIEF awards 2022

Nominations open for the Prestigious AWIEF Awards Celebrating Women Entrepreneurs

16/05/2022
Climate change in Africa

Three steps for Africa to combat climate change

16/05/2022
win customers, ghanatalksbusiness.com

Why your Customers are better strategists than Managers

16/05/2022
Compassionate manager

How to Be a Compassionate Manager in a Heartless Organization

10/05/2022
business ideas to pursue, ghanatalksbusiness.com

The Right Way to Get Your First 1,000 Customers

09/05/2022
Places to avoid in Ghana

5 Places to avoid going alone in Ghana

07/05/2022
Next Post

Conversion of polytechnics to varsities to start 2016

New pension scheme set on solid ground

  • About Us
  • Disclaimer
  • Privacy Policy
  • Advertising
  • Contact Us

© 2021 Ghana Talks Business

No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
  • Login

© 2021 Ghana Talks Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In