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    Bank of Ghana widens its scope on cryptocurrency

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    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    Ghana’s inflation rate rises again; hits 31.7% in July 2022

    Fitch downgrades Ghana’s credit rating from B- to CCC

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    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

    Dr. Ampabeng advocates consolidation of road taxes into fiscal policy

    WAPCo commits to cleaner and reliable energy

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    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

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    Vodafone agrees sell stake in Ghana’s business to Telecel

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    IIPGH to enter coding education partnership with Telecoms Chamber

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    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

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Fuel prices to go up as Price Stabilisation and Recovery levy is restored

byMichael Ogbodu
February 1, 2022
in Oil And Gas, Top Stories
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Fuel prices at the pumps are expected to go up effective today, February 1, 2022, as the temporary removal of the Price Stabilisation and Recovery Levy (PSRL) by the National Petroleum Authority (NPA) comes to an end.

Head of Pricing at the NPA, Abass Ibrahim Tasunti, spoke on the development.

“As we speak the levies on petrol, diesel and LPG have been off for three months which expired on the 31st of January. So, per our letter to industry players, it is to be restored effective 1st February 2022.”

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The Price Stabilisation and Recovery Levy was initially taken off the price build-up of fuel on the 1st of November 2021 for two months, but was later extended till the end of January 2022.

The move was to absorb some of the shocks on consumers from the frequent increases in prices on the international market.

But with this latest announcement by the National Petroleum Authority, fuel prices at the pumps are expected to go up effective today.

This would mean prices are likely to go up by 16 pesewas per litre on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel, and fourteen pesewas per kilogram (GHp14/Kg) on LPG.

The purpose of the Price Stabilisation and Recovery Levy (PSRL) was to stabilise prices for consumers and pay for the subsidies on Premix Fuel and Residual Fuel Oil (RFO).

Mr Tasunti stated that continuing with the suspension of the levy would hamper the provision of the latter.

“If we remove it forever, it means we will not have money to pay and will have to look elsewhere. You remember one of the reasons why price deregulation came into being was because of the non-payment of subsidies that accrued on fuel products and therefore it threatened the supply of these products and therefore we have to make sure that the levy while we use it to pay the subsidies, can also be used to stabilise prices.”

“So, for the three months that it has been taken off nothing has gone into the account and we have been using the backlog in the account over this period to pay for these subsidies.”

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