Prices of all petroleum products will be reduced by at least 10% effective January 1, 2015, according to sources at the National Petroleum Authority (NPA).
The regulator has therefore directed Oil Marketing Companies (OMCs) to effect this change at all retail outlets.
The decision takes a balance position of continuous effort to reduce outstanding under-recoveries and at the same time reflect falling prices of petroleum products on the world market, the NPA said.
Petrol currently sells at about Ghȼ17 per gallon, a price the public considers outrageous in the light of considerable dip in the price of crude oil on the world market.
The price of crude oil currently stands at $53 a barrel.
Despite halving debts owed BDCs, the NPA had maintained it would not review petroleum prices downwards until it is able to clear all its debts.
The NPA was hoping to capitalise on the falling prices of crude oil to clear debts owed the distributors.
The National Petroleum Authority (NPA) has so far cleared about half of some GH¢412 million debt owed importers of petroleum products.
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