The CEO of the National Petroleum Authority (NPA), Dr. Mustapha Abdul-Hamid, has said the suspension of the Price Stabilisation and Recovery Levy for two months has begun yielding the needed results.
President Akufo-Addo on Monday (October 11) granted approval for the removal of the price stabilization and recovery levies on petrol for two months.
Speaking to journalists after touring some selected fuel stations in Koforidua in the Eastern Region, the NPA boss said the removal of the levy will help cushion Ghanaians against the recent hike in fuel prices globally.
“In a deregulated market I’m not sure anybody can order the prices to stay, all of it depends on international trading dynamics. I am saying that what is within our power to do per law is what we are doing and we will continue.
“We have already said that in the next two months the price stabilization and recovery levy will not be reactivated, and so once the people have seen at the pumps this week that the prices haven’t gone up, it gives them a certain measure of confidence that going forward there will be a measure of stability,” Abdul-Hamid said.
He added: “As for issues of transportation, I am not the minister of transportation, and therefore I don’t have the power and ability to speak about transport fares and so on. But I am hoping that once we have done our part to stabilize the prices, the ministry will then also be empowered to bargain properly on behalf of Ghanaians.”