Gov't still owes BDCs over $250m despite fall in crude oil prices

Government still owes Bulk Oil Distributors as much as $250 million in forex losses incurred due to the depreciation of the cedi this year.

That's not all. Government also owes additional 175 million cedis as subsidy on refined products.

Despite the falling prices of oil on the international market, prices of petroleum products remain the same in the country.

Last month, Parliament passed a special petroleum tax with the assurance that monies accrued from the over recovery on fuel will be paid to bulk oil distributing companies which import refined fuel.

But speaking to JOY News, CEO of the chamber of oil distribution companies Senyo Hosi said Government is yet to pay them any money.

"We have not received funds directly from Government. The only funds we have received so far have been over recoveries. When we sell, the excess funds [accrued]; we've retained them to pay down a part of Government's debt.

"We are still hoping the government will intervene" he explained.

He also indicated that the government is yet to make payment from the proceeds of the new petroleum tax imposed late last month.

He said a chunk of the debts would have been paid off if funds from that tax had been utilised.

He said they are hoping to meet with the Minister of Finance to structure how the tax would help in defraying the cost of the debt.