Angry Taxi Drivers calling on government to immediately reduce fuel prices have no choice but to pay the 17.5 increment on petroleum products since the National Petroleum Authority has stated that it is not ready to reduce the price of fuel anytime soon.

The price of Crude oil has reduced to nearly $77 per barrel after Saudi Arabia unexpectedly cut prices of oil sold to the US.

The NPA in its last review reduced prices of petroleum products in Ghana by 2%, but the government recently imposed a 17.5 VAT on some petroleum products.

The over 10,000 taxi drivers belonging to the ‘Ghana Committed Taxi Drivers Association’ have warned that they will be demonstrating in the national capital, Accra Wednesday over the recently imposed 17.5 % VAT on fuel products.

The Taxi Drivers say it is strange that the Government has decided to increase taxes on fuel products even though the price of crude on the world market has fallen to a four-year low.

But speaking on Morning Starr with host Kafui Dey on Starr 103.5FM, Wednesday, the Public Relations Officer of the National Petroleum Authority, Yaro Kasambata said the NPA has resolved to maintain the current prices - despite the massive reduction – in order for the Bulk Distribution Companies (BDCs) to defray their debt.

According to Kasambata, the debt owed the BDCs is a little over 400 million Ghana cedis, adding that despite the prices falling, the fuel price would be maintained to clear the debts.

“In all our discussions we have always sided with the people of Ghana and we have always said that we agree that the price ought to come down below a certain level to commiserate the world market.

“But the reason why we haven’t been able to go down is very simple, we have said that we have an issue with debt that is owed the BDCs and we owe them about 412 million Ghana cedis…which we have to clear”.