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Fuel prices to drop as government temporary removes certain taxes for two months

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Fuel prices to drop

Fuel prices to drop as government temporary removes certain taxes for two months

Ghanaians are to enjoy two months of relief of reduced fuel prices as the President of the Republic has approved the temporary removal of certain taxes on fuel to provide some sort of relief to Ghanaians as the global fuel prices go up. This covers the removal of Price Stabilisation and Recovery Levies on petrol, diesel, and LPG for a period of two months.

This news was officially released by the communication directorate of the National Petroleum Authority (NPA). The release reads;

 

The National Petroleum Authority (NPA) wishes to inform the general 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. 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.
Because the pricing of petroleum products in Ghana is deregulated, changes in prices of petroleum products on the world market have a direct impact on prices at the pumps. 
The outlook of prices on the global market shows an upward trend and therefore there was the need to seek government intervention to lower the levies to cushion consumers from feeling the full impact of these rising prices. The purpose of the Price Stabilisation and Recovery Levy (PSRL) is to stabilize 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 will work with the Ministries of Energy and Finance to quicken the legislative processes to give immediate effect to this directive by the President. We are grateful to H.E. the President for granting the request to zero these levies to minimise the effect of rising prices of petroleum products on the world market on consumers in Ghana.
Signed
Corporate Affairs Department
Monday, 11th October 2021
NPA
Ghanaians are expected to enjoy some brief relief after this new development has been implemented.

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