The zeroing of Price Stabilisation and Recovery Levies (PSRL) is set to commence on November 1.
According to the National Petroleum Authority, this follows directives from the Finance Ministry to zero the Price Stabilisation and Recovery Levies (PSRL) for two months in the next pricing window.
The Authority has also been directed to continue the 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 PSLRs are zeroed.
This is in fulfillment of the President’s directives after consultation with the NPA and Finance Ministry concerning steps to mitigate the rising cost of fuel due to rising global prices.
“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,” the NPA stated.
According to the Authority, “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 assured consumers 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,” it concluded.
Latest Stories
-
Singer Ayra Starr releases artwork, track list for ‘Sophomore Album’
3 mins -
Actress Sola Sobowale debunks drug trafficking and arrests in Saudi Arabia
12 mins -
Zebra on loose after escape in US mountain country
25 mins -
Apple iPhone sales fall in nearly all countries
32 mins -
Bawumia takes campaign tour to Western Region
50 mins -
Ghana and India discuss trade at the fourth JTC meeting
1 hour -
Nkwanta South: MCE kneels to beg chiefs to give peace a chance
1 hour -
NDC hopes to win a majority of votes in Ho Central
1 hour -
Ghana moves up to 50th on World Press Freedom Index
2 hours -
I will make you millionaires – Bawumia assures small-scale miners
2 hours -
Majority caucus requests reconvening of Parliament
2 hours -
Ghana ranks as 4th most stressful country for workers in Sub-Saharan Africa
3 hours -
Today’s front pages: Friday, May 3, 2024
3 hours -
CAFCC: USM Alger file appeal at CAS to contest CAF’s decisions on RS Berkane jersey
4 hours -
Africa’s Outstanding Professional, Engr. Ebenezer Kwadjo Dankyi
4 hours