Fuel prices to rise again as NPA restores PSRL today

The National Petroleum Authority (NPA) has re-introduced the Price Stabilisation and Recovery Levy effective today, Tuesday, 1 February 2021.

The levy is key in fuel pricing.

This means consumers should expect to pay more at the pumps.

The NPA, upon request from President Nana Addo Dankwa Akufo-Addo, suspended the levy in October 2021, as part of efforts to cushion consumers from the constant rise in the price of fuel products in the country.

The NPA, in a press statement issued on Monday, 31 January 2022, said: “We hereby wish to inform all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) that effective 1st February 2022, the PSRLs on petrol, diesel and LPG have been fully restored.”

Meanwhile, the Institute for Energy Security (IES) has also forecast that the prices of Liquefied Petroleum Gas (LPG), diesel and petrol will record yet another jump at the pump.

The pending price jump, according to the IES, comes on the back of an 8.52% increase in the price of Brent crude, a 5.5% rise in LPG price, a 6.23% increase in the price of Gasoline and a 9.86% jump in Gasoil price; all on the international oil and fuel markets.

“Further depreciation of the Ghana cedi against the US dollar on the foreign exchange market adds on to the factors that will push up the prices of the commodities on the local market,” IES said in a statement.

Source: Classfmonline.com