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 removal of the Price Stabilisation and Recovery Levy on petroleum products follows the rising prices of the products due to demand for oil globally without a corresponding increase in supply.
A statement signed by the National Petroleum Authority (NPA) said, “the approval follows the advice to the Energy Minister to seek government’s intervention to mitigate the impact of rising prices of petroleum products on the world market on consumers.”
“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 prices on the global market shows an upward trend and therefore there was the need to seek government’s intervention to lower the levels to cushion consumers from feeling the full impact of these rising prices.”
The statement dated Monday, October 11, said this is to cushion consumers in Ghana.
“At this time, it is important that the PSRRL 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 pledged to work to quicken the legislative processes to give immediate effect to the President’s directive and expressed gratitude to the President for granting the request to zero the levies.
