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 by the President Nana Akufo-Addo administration.

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

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

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 today Friday March 16, 2017 to reflect the changes.

Below is the full statement: