The Member of Parliament for Dormaa East, Paul Apraku Twum Barimah, has commended president, Nana Addo Dankwa Akufo-Addo, for directing the National Petroleum Authority (NPA) to extend the removal of the Price Stabilization and Recovery Levies (PRSL) on petrol, diesel, and LPG to the end of January 2022
The directive, Paul Twum Barimah noted, will keep prices of petroleum products in the country stable and affordable for the population. The move, he also said will keep prices of commodities like cement, iron rods and building materials stable as the economy moves towards growth .
The Energy Sector Levies Act 2015 (Act 899) allows the use of the PSRL to stabilise petroleum products prices for consumers. the suspended PSRL is 16 pesewas per litre on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel, and fourteen pesewas per kilogram (GHp14/Kg) on LPG.
Prices of crude oil and refined petroleum products saw sharp increases on the world market due to a rise in demand for oil globally without a corresponding increase in supply, prompting this intervention in November 2021.
Currently, GOIL has reduced its fuel prices by 15-pesewas to bring respite to Ghanaian drivers and car owners . The reduction of petroleum prices compelled other oil marketing companies like Shell , Total, to also reduce the prices of their products.
Fuel prices per litre at most pumps around the country dropped to around GH¢6.50 on average in the past few weeks, but have now risen once again to reach an average of GH¢ 6.70 at most pumps.