The zeroing of Price Stabilisation and Recovery Levies (PSRL) is set to commence on November 1.
According to the National Petroleum Authority, this is following direction from the Finance Ministry to zero the Price Stabilisation and Recovery Levies (PSRL) for two months in the next pricing window.
The Authority has also been directed to 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 PSLRs are zeroed.
This is in fulfillment of the President’s directives after consultation with the NPA and Finance Ministry concerning steps to mitigate the rising cost of fuel due to rising global prices.
“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,” the NPA stated.
According to the Authority, “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 that 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,” it concluded.