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Fuel Prices Go Down As Government Removes Price Stabilization And Recovery Levies

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Fuel Price

The National Petroleum Authority (NPA) has announced that President Akufo-Addo has given his consent to abolish the price stabilisation and recovery charges on petrol, diesel, and LPG for two months.

The permission comes after the NPA advised the Minister of Energy to seek government assistance to reduce the impact of rising petroleum prices on consumers on the global market.

“The goal of the Price Stabilisation and Recovery Levy (PSRL) is to stabilize prices for customers and compensate for subsidies on Premix Fuel and Residual Fuel Oil,” the NPA stated in a statement Monday (RFO).

“At this time, it is critical that the PSRL, which is now 16 pesewas per litre (GHp16/Lt) for petrol, 14 pesewas per litre (GHp14/Lt) for diesel, and 14 pesewas per kilogram (GHp14/Kg) for LPG, be dropped to protect consumers.”

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