The National Petroleum Authority (NPA) has reduced fuel prices by 10 percent effective January 1, 2015.
The NPA has subsequently directed all Oil Marketing Companies to reduce fuel prices at the pumps.
This follows incessant pressure from various political and pressure groups’ for government to reduce the prices due to the continuous fall of crude oil prices on the world market.
Government had earlier refused to reduce the price of fuel at the pumps, arguing that the NPA needed to raise funds to settle its debts to the Bulk Oil Distribution Companies (BDCs).
However a press statement issued by the NPA indicated that”petroleum prices have been reduced by 10% effective 1st January 2015.We therefore direct Oil Marketing Companies(OMCs) to effect this change at all retail outlets.
It further added that the decision takes a balance position of continuous effort to reduce outstanding under-recoveries and at the same time refelect falling prices of petroleum product on the world market.”
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