The National Petroleum Authority (NPA) says the removal of the Price Stabilisation and Recovery Levies (PRSL) in the price build-up of petrol, diesel and Liquefied Petroleum Gas (LPG) would likely take effect on the 1st of November, 2021.
The NPA on the 11th of October announced that President Akufo-Addo had approved the removal of the PRSL on petrol, diesel, and LPG for two months.
Speaking to Citi FM on the latest increase in the price of fuel by Total Ghana, Head of Communication of the NPA, Mohammed Abdul-Kudus noted that the removal of the levies will happen once Parliament gives the go-ahead.
“What it means now is that the next opportunity for the removal of the levies if Parliament gives the all-clear will be from 1st November. That will be the next pricing window, which covers the first two weeks of November. All things being equal, we can by then take it out of the price build-up equation, which would mean that the prices the OMC’s will quote from then on will be exclusive of the PSRL.”
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“The two-month calculation will be from the time the removal takes effect. It’s a free market out there, so you should expect different prices for the different OMC’s depending on the margins the OMCs decide to apply,” he added.
President Akufo-Addo on October 11 gave the approval for the removal of the Price Stabilisation and Recovery Levies (PRSL) on petrol, diesel, and LPG for two months.
The National Petroleum Authority (NPA) in a statement issued by the Authority's Corporate Affairs Department today, October 11, 2021 said: "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."
It added that this followed advice from the NPA to the Energy Minister for the government's intervention to mitigate the impact of rising prices of petroleum products on the world market on consumers.
The 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.