President Nana Akufo-Addo has been commended for directing the National Petroleum Authority (NPA) to extend  the removal of the Price Stabilisation and Recovery Levies (PRSL) on petrol, diesel, and Liquefied Petroleum Gas to the end of January 2022.

The directive, Paul Apraku Twum Barimah, Member of Parliament for Dormaa East, says, will keep prices of petroleum products in the country stable and affordable for the population.

The move, the energy professional also said will keep prices of commodities like cement, iron rods and building materials stable as the economy moves towards consistent growth.

The Energy Sector Levies Act 2015 (Act 899) allows the use of the PSRL to stabilize prices of petroleum for consumers.

The suspended PSRL is 16 pesewas per litre on petrol, 14 pesewas pesewas per litre on diesel, and 14 pesewas per kilogram on LPG.

Prices of crude oil and refined petroleum products saw sharp increases on the world market due to a rise in demand for oil without a corresponding increase in supply, a reason President Akufo-Addo directed the suspension of the PSRL in November 2021.

During the last pricing window, GOIL, reduced its fuel prices by 15-pesewas to bring respite to Ghanaian drivers and car owners.

The reduction of the petroleum prices by the leading OMC compelled others like Shell, Total, to also cut their prices.