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Business News of Tuesday, 4 January 2022

Source: www.ghanaweb.com

Government extends zero Price Stabilisation and Recovery Levies

Chief Executive Officer of the NPA, Dr Mustapha Hamid Chief Executive Officer of the NPA, Dr Mustapha Hamid

Zero Price Stabilisation levies ended on December 31, 2021

NPA petitions govt to suspend (zero) PSRL

Price of petroleum products to increase – COPEC


The NPA has disclosed that the government has extended the zeroing of the Price Stabilization and Recovery (PSRL) Levies for an additional month.

According to the National Petroleum Authority (NPA), the zero PSRL which cover petrol, diesel and LPG should have ended on December 31, 2021.

A statement issued by the NPA said President Nana Addo Dankwa Akufo-Addo approved the suspension of the PSRL after the NPA petitioned the government to put in measures to reduce the effect of the global increase in petroleum products on Ghanaians.

”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,” the NPA said.

It added 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 sixteen pesewas per litre (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 statement added that the NPA would now collaborate with the ministries of Energy and Finance to quicken the legislative processes so the zero PSRL directive of the president would be brought to force as soon as possible.

“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,” it added.

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