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Crude oil prices have dipped to its lowest hovering around $48 per barrel on the world market culminating in reduction in prices of petroleum products in most  countries but the National Petroleum Authority (NPA) in Ghana says it would maintain the current fuel prices because the 10% reduction announced early January could not trigger any significant effect on the economy.


The Chief Executive of NPA Boss, Moses Asaga is reported by www.myjoyonline.com to have defended the stance by stating that previous reduction in petroleum products did not reflect in transport fares and prices of goods on the market.


"Somewhere in November we did a 2% reduction. We were told it wasn't enough to reflect transport to be reduced. Then now again in December we did a 10% reduction which brought it cumulatively to 12% and by the trigger arrangement we had with GPRTU (Ghana Private Road Transport Union) they are supposed to make a reduction and they came out boldly to announce that there's going to be a 5% reduction across board. We haven't seen that being reflected. Ghanaians are still paying the old fares."


Mr. Asaga expressed surprise that even with the 12% reduction in fuel prices "all those who were agitating that NPA should reduce prices have remained quiet when the transport fares have not been reduced".


But former Volta River Authority boss and Energy Consultant, Charles Wereko-Brobby says the explanation by the NPA Boss was irrelevant.


Dr Wereko-Brobby said the NPA had no legal remit over transport fares, adding the NPA must leave matters regarding transport fares to the Transport Council and the government.


"NPA like all other bodies in Ghana works by law and LI 2186 passed in 2012, which is National Petroleum Authority prescribed Petroleum Pricing Formula, sets out what should happen in petroleum price buildup", he pointed out.


He said the NPA must follow the dictates of the law instead of bothering itself with which institution reduces transport fares or goods.


Dr Wereko-Brobby reminded the NPA that they "are under legal obligation to match ex-pump prices to the changes in international crude oil pricing".


In a related development, Bob Dudley, the head of BP, says oil prices – which have fallen by more than 50 per cent since June last year – will stay low for "certainly a year" and "probably two and maybe three years".