NPA approves removal of recovery levy on fuel prices

• Posted on October 11, 2021October 11, 2021
• by Nana Kwesi Coomson
• Comment

The National Petroleum Authority (NPA) has approved the removal of the Price Stabilization and Recovery Levies (PRSL) on petrol, diesel, and Liquefied Petroleum Gas (LPG) for two months.

This was announced in a press statement issued by the Authority’s Corporate Affairs Department on October 11, 2021.

The National Petroleum Authority noted that President Nana Addo Dankwa Akufo-Addo has granted approval to zero the Price Stabilization and Recovery Levies on petrol, diesel, and LPG for a period of two months.

It stated that the approval follows the advice of the NPA to the Minister of Energy to seek government’s intervention to mitigate the impact of rising prices of petroleum products on the world market on consumers.

“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 Organization of Petroleum Exporting Countries (OPEC) and its allies”, it added.

Currently, the PSRL is 16 pesewas per liter on petrol, 14 pesewas per litre (GHp14/Lt) on diesel and fourteen pesewas per kilogram (GHp14/Kg) on LPG.

It said the two levies have been removed for two months to cushion consumers.

“The purpose of the Price Stabilization and Recovery Levy (PSRL) is to stabilize prices for consumers and pay for the subsidies on Premix Fuel and Residual Fuel Oil (RFO).”

The NPA further assured that it will work with the Ministries Energy and Finance to quicken the legislative process to give immediate effect to the new directive by the president.

By Annie Wharton Savage.