President Nana 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 approval follows the advice of the National Petroleum Authority (NPA) to the Minister of Energy to seek government 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.

In a statement published by the NPA, they explain that “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’s intervention to lower the levies to cushion consumers from feeling the full impact of these rising prices.”

They explain 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 16 pesewas per liter on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel, and 14 pesewas per kilogram on LPG are zeroed to cushion consumers,” the NPA stated.

It assured the general public of its commitment to 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,” the NPA concluded.