Prices of petroleum products could start witnessing significant reduction possibly by the end of this month, according the regulator.

The National Petroleum Authority (NPA) has told Joy Business it will review prices of commodity after settling part of some 4 billion dollars debts owed importers of the product.

NPA told Joy Business the February downward price review would usher in a process whereby of price reviews would correspond to developments on the world market.

The National Petroleum Authority says by February it should have managed to clear part of the huge debts that government currently owes the Bulk Oil Distributors.

Price of Petroleum from June last year has gone down by a little over 60 percent but there has not been a corresponding reduction in prices at the pumps.

The Authority over weekend kept prices of various petroleum produces unchanged -- meaning a liter of petrol still sells at 3 Ghana cedis 5 pesewas and  diesel at  2 Ghana cedis  97 pesewas. 

Chief Executive of the National Petroleum Authority Moses Asagah told Joy Business in a previous interview that his outfit has not been encouraged to reduce the price of the commodity because  the benefits to consumers through reduction in transport fares and  goods and services have not happened despite the last downward price review.