The National Petroleum Authority (NPA) has been directed to implement the zeroing of the Price Stabilisation and Recovery Levies (PSRL) in the next pricing window, which commences on November 1, 2021.
The directive followed a request by the NPA to President Nana Addo Dankwa Akufo-Addo to mitigate the difficulties Ghanaians are experiencing with the pump prices and the corresponding impact on other aspects of national life.
The Ministry of Finance gave the directive in a letter dated 21st October, 2021.
The NPA, in a release on Friday, assures consumers of petroleum products that it is working to effect the necessary adjustments in pump prices in compliance with the President’s directives.
Read the release below:
ZEROING OF PSR LEVIES ON FUEL TO MITIGATE RISING COST OF FUEL DUE TO RISING GLOBAL PRICES
On Friday 8th October 2021, President Nana Addo Dankwa Akufo-Addo granted an earlier request by the National Petroleum Authority and directed the Minister of Finance to take the following steps to mitigate the rising cost of fuel due to rising global prices:
Zeroing the Price Stabilisation and Recovery Levies (PSRL) on petrol, diesel and LPG for 2 months.
Continue payment of subsidies on Premix Fuel and Residual Fuel Oil (RFO) from the excess funds of the Price Stabilisation and Recovery Account within the period in which the PSRLs are zeroed.
Pursuant to the directives of the President, the Ministry of Finance has by letter dated 21st October, 2021 instructed the NPA to implement the directives at the next Pricing Window which commences on 1st November, 2021.
These requests were granted in recognition of the difficulties Ghanaians are experiencing with pump prices and the corresponding impact on other aspects of national life.
The NPA wishes to assure consumers of petroleum products that it is working to effect the necessary adjustments in pump prices in compliance with the President’s directives as indicated above.
The NPA understands the impact on pump prices of the rising international prices of petroleum products under the petroleum price deregulation regime, and wishes to assure the public of the Government’s determination to cushion the burden as it has done over the past five years.
Signed
Corporate Affairs Department
