• About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV
Sunday, September 24, 2023
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Opinion
  • Infographics
  • Listen To CitiFM
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Opinion
  • Infographics
  • Listen To CitiFM
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
No Result
View All Result

NPA approves 2-month removal of Price Stabilisation, Recovery levy to reduce fuel prices

Ernest ArhinfulbyErnest Arhinful
October 11, 2021
Reading Time: 2 mins read
ShareShareShareShare

The National Petroleum Authority (NPA), has approved the removal of the Price Stabilisation and Recovery Levies (PRSL) on petrol, diesel, and LPG for two months.

This was announced in a press statement issued by the Authority’s Corporate Affairs Department today, October 11, 2021.

“The National Petroleum Authority (NPA) wishes to inform the public that His Excellency the President, Nana Addo Dankwa Akufo-Addo, has granted approval to zero the Price Stabilisation and Recovery Levies on petrol, diesel, and LPG for a period of two months.”

It added that this followed advice from the  NPA to the Energy Minister for the government’s intervention to mitigate the impact of rising prices of petroleum products on the world market on consumers.

“The above approval follows the advice of the NPA to the Hon. Minister of Energy to seek government’s intervention to mitigate the impact of rising prices of petroleum products on the world market on consumers.”

“Prices of crude oil and refined petroleum products have seen sharp increases on the world market due to a rise in demand for oil globally without a corresponding increase in supply, particularly from the Organisation of Petroleum Exporting Countries (OPEC) and its allies.”

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

NPA in the press statement said the two levies have been removed for two months to cushion consumers.

“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 liter (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 Chamber of Petroleum Consumers (COPEC) recently reiterated calls for the government to remove the Price Stabilisation and Recovery Levy to avert the consistent increase in prices of petroleum products.

A statement from COPEC said apart from the international market prices having an impact on petroleum products, the local currency has also witnessed a further depreciation in recent times as compared to other trading currencies.

“The two key indicators, that is international market prices and foreign exchange differentials, are all likely to affect average pump prices of petroleum products by between 2% to 3% or (10p/Litre for both products) in this second pricing window of September 2021.”

“This would likely translate to reviewed figures by the various Oil Marketing Companies (OMCs) as those selling at current prices for gasoline and gasoil at GH¢6.38 could be reviewed upwards to between GH¢6.45/-GH¢6.52/L for both Gasoline and Gasoil.”

Below is the full press statement from NPA

 

ShareTweetSendSend
Previous Post

Advans Ghana plants 1,100 trees to reverse impact of climate change

Next Post

Trove is now in Ghana to provide access to global investments opportunities

Related Posts

Top Stories

#OccupyJulorbiHouse demo: We’re not against demonstrations – Police

September 24, 2023
Top Stories

Provide evidence to back bribery allegations – Issah Fuseini dares Barker-Vormawor

September 24, 2023
The storey building after collapse
Top Stories

Ofankor: Three-storey building under construction collapses

September 23, 2023
International

Florida police stop 10-year-old driver on highway

September 23, 2023
News

Bryan Acheampong denies “wicked” allegations of destroying farms in Kwahu

September 23, 2023
Top Stories

Okyem Aboagye’s death painful – Kyei-Mensah-Bonsu mourns

September 23, 2023
Next Post

Trove is now in Ghana to provide access to global investments opportunities

TOP STORIES

#OccupyJulorbiHouse demo: We’re not against demonstrations – Police

September 24, 2023

Adunyame Foundation empowers young girls at Tesano Cluster of Schools

September 24, 2023

Provide evidence to back bribery allegations – Issah Fuseini dares Barker-Vormawor

September 24, 2023
Load More
ADVERTISEMENT
Citinewsroom - Comprehensive News in Ghana

CitiNewsroom.com is Ghana's leading news website that delivers high quality innovative, alternative news that challenges the status quo.

Archives

Download App

Download

Download

  • About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV

© 2023 All Rights Reserved Citi Newsroom.

No Result
View All Result
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Opinion
  • Infographics
  • Listen To CitiFM
  • Videos

© 2023 All Rights Reserved Citi Newsroom.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT