Akufo-Addo grants approval to stop petroleum levy charges for two months
President Nana Addo Dankwa Akufo-Addo has granted approval to zero the Price Stabilization and Recovery Levies on petrol, diesel, and LPG for two months.
A statement issued by the National Petroleum Authority (NPA) said the approval follows the advice of the NPA to the 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, according to the NPA, have seen sharp increases on the world market due to a rise in demand of oil globally without a corresponding increase in supply, particularly from the Organisation of Petroleum Exporting Countries (OPEC) and its allies.
Because the pricing of petroleum products in Ghana is deregulated, changes in prices of petroleum products on the world market have a direct impact on prices at the pumps, the NPA further stated.
“The outlook of prices on the global market shows an upward trend and therefore there was the need to seek government’s intervention to lower the levies to cushion consumers from feeling the full impact of these rising prices.”
“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 NPA will work with the Ministries of Energy and Finance to quicken the legislative processes to give immediate effect to this directive by the President.
“We are grateful to H.E. the President for granting the request to zero these levies to minimize the effect of rising prices of petroleum products on the world market on consumers in Ghana.”