The National Petroleum Authority (NPA) has authorized a two-month suspension of the Price Stabilisation and Recovery Levies (PRSL) on petrol, diesel, and LPG.
This was announced today, October 11, 2021, in a press release published by the Authority’s Corporate Affairs Department.
“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.”
It went on to say that this was in response to the NPA’s advice to the Energy Minister that the government intervenes to minimize the impact of rising petroleum prices 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.”
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.
According to a press release from NPA, the two levies have been suspended for two months to help customers.
“The purpose of the Price Stabilisation and Recovery Levy (PSRL) is to stabilize 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.”
The Chamber of Petroleum Consumers (COPEC) has renewed its demand for the government to remove the Price Stabilisation and Recovery Levy in order to prevent the continuous rise in petroleum product prices.
According to a COPEC statement, in addition to worldwide market prices affecting petroleum items, the local currency has recently depreciated more when compared to other trade currencies.
“The two key indicators, that is international market prices and foreign exchange differentials, are all likely to affect average pump prices of petroleum products by between 2% to 3% or (10p/Litre for both products) in this second pricing window of September 2021.”
“This would likely translate to reviewed figures by the various Oil Marketing Companies (OMCs) as those selling at current prices for gasoline and gas oil at GH¢6.38 could be reviewed upwards to between GH¢6.45/-GH¢6.52/L for both Gasoline and Gasoil.”
See statement below:
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