President Nana Akufo-Addo has been praised for instructing the National Petroleum Authority (NPA) to prolong the elimination of the Price Stabilisation and Recovery Levies (PSRL) on petrol, diesel, and Liquefied Petroleum Gas (LPG) until the end of January 2022.
According to Paul Apraku Twum Barimah, Member of Parliament for Dormaa East, the order would keep petroleum prices in the nation stable and reasonable for the populace.
The measure, according to the energy expert, will help keep commodity prices such as cement, iron rods, and construction materials constant while the economy continues to expand.
The Energy Sector Levies Act 2015 (Act 899) allows the implementation of the PSRL to stabilize petroleum prices for customers.
The suspended PSRL for petrol is 16 pesewas per litre, 14 pesewas per litre for diesel, and 14 pesewas per kilogram for LPG.
Prices of crude oil and refined petroleum products rose sharply on the global market as demand for oil increased without a matching increase in supply, prompting President Akufo-Addo to authorise the suspension of the PSRL in November 2021.
GOIL cut their fuel prices by 15 pesewas during the last pricing window to provide relief to Ghanaian drivers and automobile owners.
The fall in petroleum pricing by the leading OMC prompted others, such as Shell and Total, to follow suit.
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SOURCE: myjoyonline
