NPA extends the removal of Price Stabilization and Recovery Levy to reduce fuel prices.
The National Petroleum Authority (NPA) has extended the removal of the Price Stabilization and Recovery Levies (PRSL) on petrol, diesel, and LPG to the end of January 2022 following a directive by the President.
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It provided the price build-up for the Oil Marketing Companies in a statement, which amounted to zero.
The Energy Sector Levies Act 2015 (Act 899) authorizes the use of the PSRL to stabilize the price of petroleum products for consumers.
Currently, the PSRL for petrol is 16 pesewas per liter, diesel is 14 pesewas per liter (GHp14/Lt), and LPG is 14 pesewas per kilogram (GHp14/Kg).
Crude oil and refined petroleum products prices rose sharply on the global market as demand for oil increased without a corresponding increase in supply, prompting this intervention in November 2021.
In Ghana, for example, world market prices caused petrol to reach as high as GH6.8 per litre at the time.
GOIL also reduced its fuel prices by 15 pesewas to provide relief to drivers who went on strike in December 2021.
This compelled other OMCs to lower their fuel prices in advance of the Christmas season.
By the end of January, however, the Institute for Energy Security had said consumers should expect fuel prices at the pumps to hit GH¢7 per litre.
Fuel prices per litre at most pumps around the country dropped to around GH¢6.50 on average in the past few weeks, but have now risen once again to reach an average of GH¢ 6.70 at most pumps.
Source: citinewsroom.com
