Leader Akufo-Addo has granted acceptance for the removal of the Price stabilisation and Recovery levies upon petrol, diesel and LPG for two months, the Nationwide Petroleum Authority (NPA) reports.
The approval follows the particular advice of the NPA towards the Minister of Energy to seek the particular government’s intervention to reduce the impact of increasing prices of petroleum items on the world market upon consumers.
A statement by NPA Monday said “The purpose of the Price Stabilisation plus Recovery Levy (PSRL) would be to stabilise prices for customers and pay for the financial aid on Premix Fuel plus Residual Fuel Oil (RFO).
“At this time it is important which the PSRL which is currently sixteen pesewas per litre (GHp16/Lt) on petrol, 14 pesewas per litre (GHp14/Lt) upon diesel, and 14 pesewas per kilogram (GHp14/Kg) upon LPG are zeroed in order to cushion consumers. “
BROWSE THE FULL STATEMENT BELOW;
PR RELEASE
The National Oil Authority (NPA) wishes to tell the general public that HisExcellency the particular President, Nana Addo Dankwa Akufo-Addo, has granted authorization to zero thePrice Stabilisation and Recovery Levies upon petrol, diesel and LPG for a period of two months.
The above mentioned approval follows the recommendation of the NPA to the Hon. Minister of Energy to seek government’s intervention to mitigate the particular impact of rising costs of petroleum products upon theworld market on customers. Prices of crude oil plus refined petroleum products have experienced sharpincreases on the world marketplace due to a rise in demand associated with oil globally without a correspondingincrease in supply, particularly in the Organisation of Petroleum Conveying Countries (OPEC)and its allies.
Because pricing of oil products in Ghana is certainly deregulated, changes in costs of petroleum products within the world market have a immediate impact on prices at the pumping systems. The outlook of priceson the global market shows a good upward trend and therefore there was clearly the need to seek government’s treatment to lower the levies in order to cushion consumers from sensation the full impactof these increasing prices.
The purpose of the Price Stabilisation and Recovery Levy (PSRL) is to stabilise prices with regard to consumers and pay for the particular subsidies on Premix Gas and Residual Fuel Essential oil (RFO). At this time itisimportant how the PSRL which is currently 16 pesewas per liter (GHp16/Lt) onpetrol, fourteen pesewas for each litre (GHp14/Lt) on diesel powered, and fourteen pesewas for each kilogram(GHp14/Kg) on LPG are usually zeroed to cushion customers.
The NPA will work using the Ministries of Energy and Financing to quicken the legal processes to give immediate impact to this directive by the Chief executive.
We are grateful in order to H. E. the Leader for granting the ask for to zero these rates to minimise theeffect associated with rising prices of oil products on the world marketplace on consumers in Ghana.
Signed
Business Affairs Department
Mon, 11th October 2021
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