Nov 1 presents opportunity for removal of PSRL – NPA

The National Petroleum Authority (NPA) says the earliest opportunity for the removal of the Price Stabilisation and Recovery Levies (PRSL) in the price build-up of petrol, diesel and Liquefied Petroleum Gas (LPG) would be the 1st of November.

The NPA on the 11th of October announced that President Akufo-Addo had approved the removal of the PRSL on petrol, diesel, and LPG for two months.

Speaking to the media  on the latest increase in the price of fuel by Total Ghana, Head of Communication of the NPA, Mohammed Abdul-Kudus noted that the removal of the levies would happen once Parliament gives the go-ahead.

“What it means now is that the next opportunity for the removal of the levies if Parliament gives the all-clear will be from 1st November. That will be the next pricing window, which covers the first two weeks of November. All things being equal, we can by then take it out of the price build-up equation, which would mean that the prices the OMC’s will quote from then on will be exclusive of the PSRL.”

“The two-month calculation will be from the time the removal takes effect. It’s a free market out there, so you should expect different prices for the different OMC’s depending on the margins the OMCs decide to apply,” he added.

The much-anticipated removal of the Price Stabilisation and Recovering levy of 16 pesewas in the price build-up of fuel at the pumps is yet to take effect even as the second pricing window commences, as parliament is yet to give the National Petroleum Authority the approval needed to scrap the levy.

While many were expecting the scrapping of the levy to take effect in the second window of October which started on October 16th, another round of increases at the pumps this past weekend has pushed a litre of petrol to diesel to GH¢ 6.80 at some pumps.

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