In a press statement on Monday, October 11, the National Petroleum Authority (NPA) announced that President Akufo Addo has approved the removal of the Price Stabilization and Recovery Levies on petrol, diesel, and LPG for 2 months.
“The National Petroleum Authority (NPA) wishes to inform the public that His Excellency the President, Nana Addo Dankwa Akufo-Addo, has granted approval to zero the Price Stabilisation and Recovery Levies on petrol, diesel, and LPG for a period of two months,” the press statement by the NPA read.
Reasons for the removal of the price stabilization and recovery levies
Consumers have over the past months been faced with rising fuel prices on the domestic market as a result of an increase in demand for petroleum products on the global market without a corresponding increase in supply.
“Prices of crude oil and refined petroleum products have seen sharp increases on the world market due to a rise in demand for oil globally without a corresponding increase in supply, particularly from the Organisation of Petroleum Exporting Countries (OPEC) and its allies,” NPA’s press statement read.
To mitigate the impact of rising prices of petroleum products on the world market on consumers., NPA advised the Energy Minister for the government’s intervention. This advice led to Akufo Addo approving the removal of the Price Stabilization and Recovery Levies (PSRL) for 2 months.
“The purpose of the Price Stabilization and Recovery Levy (PSRL) is to stabilize prices for consumers and pay for the subsidies on Premix Fuel and Residual Fuel Oil (RFO),” NPA said.
According to the NPA, the current PSRL on fuel stands at 16 pesewas per litre on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel, and fourteen pesewas per kilogram (GHp14/Kg) on LPG.
So, with the President’s approval, each of the above amounts mentioned above will no longer hold for the remainder of the months to end the year. Hence, consumers will no longer have to worry about paying the 16 pesewas per litre on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel, and fourteen pesewas per kilogram (GHp14/Kg) on LPG for the remainder of the year.