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NPA approves 2-month removal of Price Stabilisation, Recovery levy to reduce fuel prices

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

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

READ ALSO: Energy Ministry to suspend fuel levies

This was announced in a press statement issued by the Authority’s Corporate Affairs Department today, October 11, 2021.

“The National Petroleum Authority (NPA) wishes to inform the public that His Excellency the President, Nana Addo Dankwa Akufo-Addo, has approved to zero the Price Stabilisation and Recovery Levies on petrol, diesel, and LPG for two months.”

It added that this followed advice from the  NPA to the Energy Minister for the government’s intervention to mitigate the impact of rising prices of petroleum products on the world market on consumers.

“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.”

Currently, the PSRL is 16 pesewas per litre on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel and fourteen pesewas per kilogram (GHp14/Kg) on LPG.

NPA in the press statement said the two levies have been removed for two months to cushion consumers.

“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 litre (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.”

 

Below is the full press statement from NPA

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