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Sunday, October 24, 2021

Akufo-Addo approves removal of PSR levies for 2 months

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President Nana Akufo-Addo has approved the removal of the Price Stabilisation and Recovery (PSR) Levies on petrol, diesel, and LPG for a period of two months.

The PSRL is currently GH16p per litre on petrol and GH14p per litre on diesel and GH14P per kilogram on LPG.

But the National Petroleum Authority (NPA) advised the Minister of Energy to seek the government’s intervention to mitigate the impact of rising prices of petroleum products on the world market on consumers.

A statement, signed by the NPA’s Corporate Affairs Directorate, announced the levies have been removed for two months to cushion consumers.

“Because the pricing of petroleum products in Ghana is deregulated, changes in prices of petroleum products on the world market have a direct impact on prices at the pumps.

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“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,” part of the statement read.

The NPA further pledged its commitment to work with the Ministries of Energy and Finance to quicken the legislative processes to give immediate effect to the directive by the President.

Read the statement below:

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