The outstanding debt totaling Ghc412million owed the Bulk Oil Distribution Companies(BDCs) has been settled by the National Petroleum Authority(NPA). The CEO of NPA, Moses Asaga has revealed.
According to Moses Asaga, they have paid the outstanding debt owed the BDCs. He explained that his outfit “continued to use the windfall from crude oil prices to pay off a debt of Ghc412million under recoveries owed BDCs”.
The NPA “based on the reduced price, projected to complete payment of the debt of GHc412million owed the BDCs by end of February 2015”.
“I am indeed pleased to announce that the mission is accomplished,”he added.
Last year, the authority paid Ghc200million out of its Ghc412million debt owed the BDCs. The monies used for the part payment was accrued after the Authority’s refusal to reduce petroleum prices to reflect the crude oil prices on the world market .