Ghana: Fuel Prices To Drop Marginally From November 1

Fuel prices in the Republic of Ghana are expected to witness a marginal drop from November 1, 2021.

This is a result of the temporary relief by the government to remove the Price Stabilisation and Recovery Levy (PSRL) on petroleum products from November 1 to December 31, 2021.

Currently, consumers in Ghana pay GHp16 on a litre of petrol and GHp14 on a litre of diesel and a kilo of LPG.
A litre of petrol and diesel currently sells at GHS6.80 while a kilo of LPG also sells at GHS8.35.

Last week, the National Petroleum Authority (NPA) announced that President Nana Akufo-Addo had granted their request by directing the Minister for Finance to take steps to mitigate the rising cost of petroleum products.

It is interesting to note that there was an argument that the suspension of the PRSL could not be implemented because it would require Parliamentary approval even though Parliament was on recess.

However, a statement issued by the Corporate Affairs Department of the NPA said the Ministry of Finance had by a letter dated 21st October 2021 instructed the NPA to implement the directive at the next pricing window which commences on 1st November 2021.

The statement said 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 of petroleum products that it is working to effect the necessary adjustments in pump prices in compliance with the President’s directives.

“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,’ the statement said.

Source: https://energynewsafrica.com