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Fuel Cost: Price Stabilisation & Recovery levy removed for January to cushion Ghanaians

The National Petroleum Authority (NPA) has extended the removal of the Price Stabilisation and Recovery Levies (PSRL) on petrol, diesel, and LPG for another one month.

In Ghana, the world market prices led to petrol, for example, reaching as high as GH¢6.8 per litre at the time.

According to a statement signed by the Chief Executive of NPA, Mustapha Abdul-Hamid, the President Akufo-Addo has directed that the PSRL on petroleum products be removed for the month of january 2022.

In a statement, it provided the price build-up for the Oil Marketing Companies, which amounted to zero.

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

Currently, the PSRL is 16 pesewas per litre on petrol, 14 pesewas per litre (GHp14/Lt) on diesel, and 14 pesewas per kilogram (GHp14/Kg) on LPG.

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Read the NPA's statement below:

Prices of crude oil and refined petroleum products saw sharp increases on the world market due to a rise in demand for oil globally without a corresponding increase in supply, prompting this intervention in November 2021.

In Ghana, the world market prices led to petrol, for example, reaching as high as GH¢6.8 per litre at the time.

Meanwhile, the Institute for Energy Security has revealed that petrol and diesel may sell at GH¢7 per liter each for the first time from Sunday, January 16, 2022.

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According to the energy think tank, prices of fuel at local pumps saw a 3 percent increase in petroleum products with prices per litre rising from GH¢6.50 pesewas to GH¢6.70 pesewas in 2021.

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