Fuel prices increase as PSRL is re-introduced from February 1

OMCs to adjust fuel prices from February 1

Zeroing of PSRL was directed by President Akufo-Addo in October 2021

Consumers to pay more for fuel at various pumps

Consumers of petroleum products are expected to pay more at various pumps from Tuesday, February 1, 2022.

This comes after the National Petroleum Authority (NPA) is set

Read full articleto re-introduce the Price Stabilisation and Recovery Levy (PSRL) which is a key factor in the Fuel Price Build-Up.

Head of Pricing at the NPA, Abass Tasunti, explained the move is necessary in order to enable the regulator to subsidise premix fuel for the fisherfolk in the country.

“The three months period that it has been taken off, nothing has gone into the account and we’ve been using the balance we have in the account over this period to pay for this subsidy,” Abass Tasunti is quoted by Citi Business News.

“…As we speak, the account is dry so if we remove it forever or we continue zeroing the levy, it means that we will not have money. The continuous supply of premix oil and residual fuel will be threatened which we do not want to happen so unfortunately for the consumer, it [the levy] has to come back,” he explained.

Prior to the re-introduction of the PSRL, government in October 2021 approved the removal of the measure in order to cushion consumers from the persistent increase in the price of petroleum products.

The removal of the levy which span about three months, covered petrol, diesel, and Liquified Petroleum Gas. During the period, it culminated in the reduction of 16 pesewas per litre on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel and fourteen pesewas per kilogram (GHp14/Kg) on LPG.

Meanwhile, some Oil Marketing Companies have begun to adjust their prices of petroleum products across various pumps in the country.