President Nana Addo Dankwa Akufo-Addo has granted permission to the National Petroleum Authority (NPA) to zero the Price Stabilisation and Recovery Levies on petroleum products at least for the next two months.
The Authority had sought government’s intervention through the Minister of Energy, Dr Matthew Opoku Prempeh, to mitigate the impact of rising prices of petroleum products on the world market on consumers.
The prices on petrol, Diesel and liquefied petroleum gas (LPG) have seen increases on the world market due to a rise in demand of oil globally without a corresponding increase in supply, particularly from the Organisation of Petroleum Exporting Countries (OPEC) and its allies.
Because pricing of petroleum products in Ghana is deregulated, changes in prices of petroleum products on the world market have a direct impact on prices at the pumps.
The outlook of prices on the global market shows an upward trend.
As a result, the Authority made a move to government to lower the levies to cushion consumers from feeling the full impact of these rising prices.
With the approval by the President, the Authority has assured of working with the ministries of Energy and Finance “to quicken the legislative processes to give immediate effect to this directive by the President”.
A press release issued on Monday, October 11 by the Authority expressed gratitude to President Akufo-Addo “for granting the request to zero these levies to minimise the effect of rising prices of petroleum products on the world market on consumers in Ghana”.
By Emmanuel Kwame Amoh|3news.com|Ghana