General News of Monday, 10 November 2014
Prices of petroleum products will not be reduced in the next price review by the National Petroleum Authority (NPA).
According to the NPA, which undertakes the price review every two weeks, it will not review downwards the prices, despite a drop in the price of crude oil on the world market.
Crude oil prices hit a four-year low after Saudi Arabia unexpectedly cut the price of oil sold to the US last week. Brent crude fell to near $82 a barrel as worries about global growth also spooked investors.
But speaking to Citi Business News at the launch of the consumer week celebration of the NPA the Chief Executive Officer of NPA, Moses Asaga said the NPA will take advantage of the price drop to save some cash to defray the debt owed Bulk Oil Distribution Companies (BDC)s.
The NPA is expected to announce new prices of petroleum products after a review on the 16th of this month.