Fuel prices to go down as government removes tax component

President Akufo-Addo has granted approval for the removal of the Price stabilisation and Recovery levies on petrol, diesel and LPG for two months, the National Petroleum Authority (NPA) has said.

The approval follows the advice of the NPA to the Minister of Energy to seek the government’s intervention to mitigate the impact of rising prices of petroleum products on the world market on consumers.

A statement by the NPA Monday said “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).

At this time it is important that the PSRL which is currently 16 pesewas per litre (GHp16/Lt) on petrol, 14 pesewas per litre (GHp14/Lt) on diesel, and 14 pesewas per kilogram (GHp14/Kg) on LPG are zeroed to cushion consumers.”

Below is the full statement

NPA, Price Stabilisation and Recovery Levy, Fuel

PRESS RELEASE

The National Petroleum Authority (NPA) wishes to inform the general 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.

Prices of crude oil and refined petroleum products 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 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 outlook of priceson 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 impactof these rising prices.

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). At this time it is important that the PSRL which is currently sixteen pesewas per liter (GHp16/Lt) onpetrol, 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 minimise the effect of rising prices of petroleum products on the world market on consumers in Ghana.

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