Fuel prices are rising on the global market
SOME FUEL pricing reliefs granted by the government to Ghanaians over the next two months as a result of the escalating prices of oil on the international market takes off on November 1, the National Petroleum Authority (NPA) has announced.
It said the Ministry of Finance, by a letter dated 21st October, this year, instructed the National Petroleum Authority (NPA) to implement the directives at the next pricing window which commences on 1st November, 2021.
According to a statement issued Friday from the Corporate Affairs Department of the NPA, “the requests were granted in recognition of the difficulties that Ghanaians are experiencing with pump prices and the corresponding impact on other aspects of national life.”
It highlights that “The NPA wishes to assure consumers of petroleum products that it is working to effect the necessary adjustments in pump prices in compliance with the President’s directives as indicated above.”
Furthermore, it stated that “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.”
On Friday, 8th October, 2021, President Nana Addo Dankwa Akufo-Addo granted an earlier request by the National Petroleum Authority (NPA) and directed the Minister of Finance to zero the price stabilisation and recovery levies (PRSL) on petrol, diesel and LPG for two months.
The President has additionally directed the Minister to continue the payment of subsidies on premix fuel and residual fuel oil (RFO) from the excess funds of the price stabilisation and recovery account within the period in which the PRSLs are zeroed to help mitigate the rising cost of fuel due to rising global prices.