The National Petroleum Authority (NPA) has announced that it has ‘zeroed’ the Price Stabilisation and Recovery Levies (PSRL) on petrol, diesel and LPG for 2 months.

It has announced that government will also 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 PSRLs are zeroed.In a press release issued yesterday, the NPA stated that on Friday 8th October 2021, President Nana Addo Dankwa Akufo-Addo granted an earlier request by the National Petroleum Authority and directed the Minister of Finance to take steps to mitigate the rising cost of fuel due to rising global prices. The steps were the zeroing the Price Stabilisation and Recovery Levies (PSRL) on petrol, diesel and LPG for 2 months and the continued 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 PSRLs are zeroed.

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.

A statement from the Corporate Affairs Department dated Thursday, 21st October 2021 stated that 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 of petroleum products 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,’ the statement said.