The National Petroleum Authority (NPA) has extended the removal of the Price Stabilisation and Recovery Levies (PRSL) on petrol, diesel, and LPG to the end of January 2022 following a directive by the President.
In a statement, it provided the price build-up for the Oil Marketing Companies, which amounted to zero.
The Energy Sector Levies Act 2015 (Act 899) allows the use of the PSRL to stabilise petroleum products prices for consumers.
Currently, the PSRL is 16 pesewas per litre on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel, and fourteen pesewas per kilogram (GHp14/Kg) on LPG.
Prices of crude oil and refined petroleum products saw sharp increases on the world market due to a rise in demand for oil globally without a corresponding increase in supply, prompting this intervention in November 2021.
In Ghana, the world market prices led to petrol, for example, reaching as high as GH¢6.8 per litre at the time.
GOIL also reduced its fuel prices by 15-pesewas to bring respite to drivers who embarked on a sit-down strike in December 2021.
This also compelled other OMC’s to reduce their fuel prices ahead of the Christmas period.
By the end of January, however, the Institute for Energy Security had said consumers should expect fuel prices at the pumps to hit GH¢7 per litre.
Fuel prices per litre at most pumps around the country dropped to around GH¢6.50 on average in the past few weeks, but have now risen once again to reach an average of GH¢ 6.70 at most pumps.