Government removes Price Stabilisation, Recovery Levies on fuel products

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The National Petroleum Authority (NPA), has removed the Price Stabilisation and Recovery Levies (PRSL) on petrol, diesel, and LPG for two months.

The NPA, in a statement issued Monday, October 11, 2021, said the move followed consultations with the Energy Ministry aimed at reducing the prices of petroleum products.

This means that the current PSRL 16 pesewas per liter on petrol, 14 pesewas per litre (GHp14/Lt) on diesel and 14 pesewas per kilogram (GHp14/Kg) on LPG, have been removed for two months to cushion consumers.

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“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 above approval follows the advice of the NPA to the Hon. Minister of Energy to seek government’s intervention to mitigate the impact of rising prices of petroleum products on the world market on consumers.

“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.” the statement reads.

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Purpose of PSRL

According to the statement, the “…purpose of the Price Stabilisation and Recovery Levy (PSRL) is to stabilise prices for consumers and pay for the subsidies on Premix Fuel and Residual Fuel Oil (RFO).”

“At this time it is important that the PSRL which is currently sixteen pesewas per liter (GHp16/Lt) on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel, and fourteen pesewas per kilogram (GHp14/Kg) on LPG are zeroed to cushion consumers,” it added.

NPA, however, assured to collaborate with the Energy and the Finance Ministries respectively to fastrack the legislative process for immediate effect in line with President Akufo-Addo’s directives.

“We are grateful to H.E. the President for granting the request to zero these levies to minimise the effect of rising prices of petroleum products on the world market on consumers in Ghana,” it said.

SourceAngel FM

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