The government has indicated that it has no plans of reducing the price of petroleum products, even though the world market price of the commodity has dropped.

Under a new petroleum pricing formula introduced by government, the Minister for Energy Albert Kan Dapaah promised the nation that ex-pump price of fuel would be reduced or increased in conformity with the world price.

Following a significant reduction in the world price of the commodity, the opposition National Democratic Congress- NDC group in parliament and sections of the public have been calling for a reduction in the prices.

Government however says it has decided to maintain the higher figure until it is able to defray a substantial part of the debts of the Tema Oil Refinery.

Reductions will be passed on to consumers after the debt is cleared. "Reducing the prices will not be feasible since the TOR debts must be Settled" Deputy government spokesman Kwabena Agyepong told JOYFM.

According to him, prudent economic measures had to be taken to manage the refinery's over two trillion cedi debt.

He disagreed with the view that once the government made the promise to reduce prices in line with the new pricing formula it is obliged to fulfill it.