The National Petroleum Authority (NPA) has directed Oil Marketing Companies (OMCs) to reduce fuel prices at the pumps
Parliament amended the Special Petroleum Tax Act and reduced the tax rate from 17.5% to 15%.
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Excise Duty in the Customs and Excise (Petroleum Taxes and Petroleum Related Levies) Act, which had imposed some levies on fuel has been abolished.
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.
Below is the letter.