The National Petroleum Authority (NPA) says it has cleared about half of some GH¢412 million debt owed importers of petroleum products.

According to the NPA, this has been made possible through savings made from declining crude oil prices on the international market.

However, the NPA has maintained that it cannot review petroleum prices downwards until it is able to clear all debts owed the Bulk Oil Distributors (BDCs).

Public Relations Officer of the National Petroleum Authority Yaro Kasambata, told Joy Business, discussions on a possible downward review of petroleum prices will be made during a meeting of top NPA executives on Tuesday December 30, 2014.

"I do not want to say that it is not on the table. I do not want to say it is on the table. When we go for our review meetings, all scenarios are possible", he said.

The review meeting which was re-scheduled to Tuesday from Monday December 29, follows a considerable dip in the price of crude oil on the international market over the last couple of months.

The commodity has witnessed a sudden drop in price from $100 to $67 in December but Government insisted it cannot reduce the price of fuel products due to its indebtedness to the oil marketing companies.

Government has been under to pressure to review the prices downwards to reflect the situation on the world market.

Petrol currently sells at about Ghȼ17 per gallon, a price the public considers outrageous.

But the NPA in a statement issued Sunday said even though it acknowledges the fact that the oil prices have dropped significantly, it cannot readily sell the products below the current prices.