Oil NPA tells OMCs to reduce fuel prices.

The National Petroleum Authority (NPA) has directed Oil Marketing Companies (OMCs) to reduce fuel prices at the pumps

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The National Petroleum Authority (NPA) has directed Oil Marketing Companies (OMCs) to review fuel prices downwards to reflect the removal of some taxes on petroleum products.

Parliament amended the Special Petroleum Tax Act and reduced the tax rate from 17.5% to 15%.

READ ALSO:Fuel prices drop by 2%

Excise Duty in the Customs and Excise (Petroleum Taxes and Petroleum Related Levies) Act, which had imposed some levies on fuel has been abolished.

play Hassan Tampuli -Chief Executive Officer of the National Petroleum Authority (NPA).

 

Consequently, the NPA in a statement signed by the Authority’s Technical Director, Jacob Awuah on behalf of the acting Chief Executive, asked the OMCs to reduce ex-pump prices of fuel to reflect the changes.

READ ALSO:Fuel prices likely to go down by 3% - IES

Below is the letter.

 

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