President Nana Addo Dankwa Akufo-Addo has approved to zero the Price Stabilization and Recovery Levies on Petroleum products.
This was contained in a statement by the National Petroleum Authority (NPA).
“The National Petroleum Authority (NPA) has announced that it has frozen the implementation of the Price Stabilization and Recovery Levy on Prices of Petroleum Products for the next two months. This will lead to a reduction in price of Petrol by 16 pesewas per litre, 14 pesewas.”
It added that this followed advice from the NPA to the Energy Minister for the government’s intervention to mitigate the impact of rising prices of petroleum products on the world market on consumers.
“The above 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.”
Read the full statement below