President Nana Akufo-Addo, according to the National Petroleum Authority (NPA), “has granted approval to zero the Price Stabilisation and Recovery Levies on petrol, diesel, and LPG for a period of two months.”

A statement issued by the NPA on Monday, 11 October 2021, said the president’s approval “follows the advice of the NPA to the Hon. Minister of Energy to seek government’s intervention to mitigate the impact of rising prices of petroleum products on the world market on consumers.”

“Prices of crude oil and refined petroleum products have seen sharp increases on the world market due to a rise in demand for oil globally without a corresponding increase in supply, particularly from the Organisation of Petroleum Exporting Countries (OPEC) and its allies.”

The NPA said: “The purpose of the Price Stabilisation and Recovery Levy (PSRL) is to stabilise prices for consumers and pay for the subsidies on Premix Fuel and Residual Fuel Oil (RFO).”

“At this time, it is important that the PSRL, which is currently sixteen pesewas per liter (GHp16/Lt) on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel, and fourteen pesewas per kilogramme (GHp14/Kg) on LPG, are zeroed to cushion consumers.”