Fuel prices to reduce as NPA approves a 2-month removal of Price Stabilisation & Recovery levies

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Fuel consumers are set to enjoy some form in respite in price reduction as the National Petroluem Authority (NPA), has approved the removal of the Price Stabilisation and Recovery Levies (PRSL) on petrol, diesel, and LPG for two months.

According to the NPA, this decision was a result of an advice to the Minister for Energy to seek government’s intervention to mitigate the impact of rising prices of petroleum products on the world market on consumers

In a press statement issued by the Corporate Affairs Department dated October 11, 2021, the NPA noted that “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.”

“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,” the statement added.

The NPA continued that “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.”

Currently, the PSRL is 16 pesewas per liter on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel and fourteen pesewas per kilogram (GHp14/Kg) on LPG. NPA in the press statement said the two levies have been removed for two months to cushion consumers.

“The purpose of the Price Stabilisation and Recovery Levy (PSRL) is to stabilise prices for consumers and pay for the subsidies on Premix Fuel and Residual Fuel Oil (RFO),” the statement continued.

“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.”

 

SourceABC News

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