Bulk Oil importers have expressed optimism about a possible reduction in fuel prices next year.

The importers say analysts’ prediction of a further fall in oil prices on the world market is likely to lead to a reduction in the price of petroleum products in the country.

According to the Bulk oil importers, government would have between July and the end of December settled about GHȻ240 million of the total debts with the over recoveries.

Chief Executive of the Chamber of Bulk Oil Distributors, Senyo Hossi, explained that the amount paid every month varies according to the level of piece reduction on the world market and other factors.

“In the early months of it we had close to GHÈ»60 million and for the first half of November we had over GHÈ»53 million that was supposed to have accrued to us but with the introduction of the special petroleum tax, that figure dipped significantly to about GHÈ»3 million.”

According to the Bulk Oil Importers, despite the payment made by government since July, the debt position is still at over 1.5 billion Ghana cedis.

This comprises under-recoveries or subsidies and foreign exchange losses.

Now, the National Petroleum Authority insists it cannot reduce prices until all the debts owed these importers are settled with the over recoveries from the fall in the prices.

The Public Relations Officer (PRO) of the authority, Yaro Kassambatta says only the world market trends can determine when consumers may enjoy fuel price reduction.

“These are factors we have no control over and because we don’t want to hold ourselves responsible, let us leave it… we are watching the events closely, but we are certain that we are not going to have a reduction for now.”

He however indicated that consumers will be informed about any new developments.

But Senyo Hossi believes that consumers may benefit from the reduction on the world market by the next review on January 1, 2015.

“Prices for the next window is likely to drop by 10 percent of a little more and that will give government more room to consider the cry of consumers.”

The National Petroleum Authority has however maintained it cannot reduce fuel prices because the over-recoveries from the fall in prices on the International Market are being used to defray government’s debt owed bulk oil importers.