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Fuel prices expected to go down as Akufo-Addo grants 2-month approval to remove levies

President Akufo-Addo has granted approval for the removal of the Price stabilization and Recovery levies on petrol, diesel and LPG for two months, the National Petroleum Authority (NPA) has said.

The approval follows the advice of the NPA to 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 by the NPA Monday said “The purpose of the Price Stabilization and Recovery Levy (PSRL) is to stabilize 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 16 pesewas per litre (GHp16/Lt) on petrol, 14 pesewas per litre (GHp14/Lt) on diesel, and 14 pesewas per kilogram (GHp14/Kg) on LPG are zeroed to cushion consumers.”

Read the full statement below:

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