The National Petroleum Authority, NPA, is confident that the two-month removal of the Price Stabilisation and Recovery Levies (PRSL) on petrol, diesel, and LPG would provide Ghanaians with the needed respite when it goes into effect.
Despite the fact that the government missed its November 1 deadline to remove the levy because the necessary legislation had not been passed, the Authority’s CEO, Dr. Mustapha Hamid, said there were already positive signs for Ghanaians because fuel prices had remained stable pending the levy’s removal.
“Once the people have seen at the pump that this week, the prices haven’t gone up, it gives them a measure of confidence that going forward, there will be a measure of stability,” Dr. Hamid said to the press on Tuesday in Koforidua.
“We were hopeful that from the first November window we would not see astronomical jumps at the pump. I haven’t seen that which will suggest to me that the price stabilization and recovery levy removal is working.”
“They [fuel prices] have been stable, which is exactly what we intended it to be; that in this window the prices do not go up even though the international prices have still gone up,” Dr. Hamid added.
The current PSRL for petrol is 16 pesewas per liter, 14 pesewas per liter (GHp14/Lt) for diesel, and 14 pesewas per kilogram (GHp14/Kg) for LPG.
The Price Stabilisation and Recovery Levy (PSRL) is intended to stabilize consumer prices and compensate for Premix Fuel and Residual Fuel Oil subsidies.
Crude oil and refined petroleum products prices have risen sharply on the global market as demand for oil has increased without a matching increase in supply.
In Ghana, for example, this has resulted in fuel prices reaching as high as GHS 6.8 per liter.
Recent fuel price hikes have prompted warnings to raise transportation fares.
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