Business News of Monday, 11 October 2021
Source: www.ghanaweb.live
2021-10-11Government grants approval for removal of fuel levies for two months
The removal of the levies will be in place for two months
• Akufo-Addo has granted approval for the removal of fuel levies
• They are the Price Stabilisation and Recovery Levies on petrol, diesel and LPG
• The removal is expected to cushion consumers for two months
Ghana’s petroleum regulator, the National Petroleum Authority has been granted approval by President Akufo-Addo to implement removal of the Price
Read full articleStabilisation and Recovery Levies (PRSL) on petrol, diesel, and LPG for two months.
A statement issued by the Authority explained the decision was followed advice from the NPA to the Minister of Energy for government to intervention and cushion consumers of petroleum products from the increasing prices on the international market.
“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 continued, “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.”
Meanwhile, the NPA added that 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) 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 pointed.
Already the Chamber of Petroleum Consumers (COPEC) has made calls on government to scrap the Price Stabilisation and Recovery Levy in order to prevent the steady surge in prices of petroleum products.
Read the statement below:
