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Government clears some debts owed bulk importers of petroleum products

Government has released about 100 million dollars to clear some debts owed bulk importers of petroleum products.

This is expected to improve the financial position of these companies for continuous supply of fuel on the market.

The bulk distributors in the past have complained that delays in clearing the 700 million Ghana cedi debt might lead to shortage of the products on the market.

But government on the other hand puts the amount at a little lower than what the companies are quoting.

Chief Executive of National Petroleum Authority Alex Mould told Joy Business, "The BDC (Bulk Distribuiton Companies) were owed about 315 million Ghana cedis, over half of that would be paid leaving a balance of 150 million Ghana cedis.

"There is also a request by the BDC for the government to pay the forex lost that they incurred when the cedi depreciated from 2011 to 2012 and also they are claiming an interest payment of late payment of the subsidies. This is still being reviewed by the NPA, the Ministry of Energy and Ministry of Finance."

Meanwhile checks by Joy Business indicate that the funds are yet to hit the various accounts of the Bulk Distribution Companies.MYJOYONLINE


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