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Update: Fuel Prices To Go Down As Gov’t Removes Price Stabilisation And Recovery Levies

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President Akufo-Addo has granted approval for the removal of the Price stabilisation and Recovery levies on petrol, diesel and LPG for two months, the National Petroleum Authority (NPA) has said.

The approval follows the advice of the NPA to the Minister of Energy to seek the government’s intervention to mitigate the impact of rising prices of petroleum products on the world market on consumers.

A statement by the NPA Monday said “The purpose of the Price Stabilisation and Recovery Levy (PSRL) is to stabilise prices for consumers and pay for the subsidies on Premix Fuel and Residual Fuel Oil (RFO).

“At this time it is important that the PSRL which is currently 16 pesewas per litre (GHp16/Lt) on petrol, 14 pesewas per litre (GHp14/Lt) on diesel, and 14 pesewas per kilogram (GHp14/Kg) on LPG are zeroed to cushion consumers.”

READ THE FULL STATEMENT BELOW;

PRESS RELEASE
The National Petroleum Authority (NPA) wishes to inform the general public that HisExcellency the President, Nana Addo Dankwa Akufo-Addo, has granted approval to zero thePrice Stabilisation and Recovery Levies on petrol, diesel and LPG for a period of two months.

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 theworld market on consumers. Prices of crude oil and refined petroleum products have seen sharpincreases on the world market due to a rise in demand of oil globally without a correspondingincrease 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 priceson the global market shows an upward trend and therefore there was the need to seek government’s intervention to lower the levies to cushion consumers from feeling the full impactof these rising prices.

The purpose of the Price Stabilisation and Recovery Levy (PSRL) is to stabilise prices for consumers and pay for the subsidies on Premix Fuel and Residual Fuel Oil (RFO). At this time itisimportant that the PSRL which is currently sixteen pesewas per liter (GHp16/Lt) onpetrol, fourteen pesewas per litre (GHp14/Lt) on diesel, and fourteen pesewas per kilogram(GHp14/Kg) on LPG are zeroed to cushion consumers.

The NPA will work with the Ministries of Energy and Finance to quicken the legislative processes to give immediate effect to this directive by the President.
We are grateful to H.E. the President for granting the request to zero these levies to minimise theeffect of rising prices of petroleum products on the world market on consumers in Ghana.

Signed
Corporate Affairs Department
Monday, 11th October 2021

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Accra Is Second Most Expensive City In The World : Survey

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Ghana’s capital city, Accra, is the second most expensive city in the world in terms of the property price to income ratio, according to Numbeo.

Numbeo, a crowd-sourced global database of reported consumer prices, perceived crime rates, quality of health care, and other statistics, explained that the Price to Income Ratio is the basic measure for apartment purchase affordability.
It is generally calculated as the ratio of median apartment prices to median familial disposable income, expressed as years of income,” the site stated.

This comes amidst agitations about the city’s high cost of property prices, contributing to the #FixTheCountry Movement.

Accra is ahead of Hong Kong (Hong Kong), Shenzhen (China), Moscow (Russia), Paris (France) as well as many other world-class cities.

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Ghana Will Dominate African Football Very Soon : Kurt Okraku

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GFA President, Kurt Okraku has promised that Ghana will dominate African football.

Speaking at a breakfast meeting with the visiting CAF President, Patrice Motesphe, and other dignitaries, the GFA President was bullish in his expectations for the country’s football teams.

“Very soon Ghana will be dominant on the African continent”

He explained that this was based on the performance of the U-20 side, the Black Starlets, who won the U20 African Cup of Nations earlier this year.

He then reminded the attendees that the success of the senior team, the Black Stars at the 2010 World Cup was based on investment in grassroots and juvenile football.

He concluded with the proclamation,

“Ghana must always be at the apex of the sport”

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UCL: Chelsea Thrash Malmo But Lukaku And Werner Pick Up Injuries

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Chelsea thrashed Malmo in the Champions League but lost strikers Romelu Lukaku and Timo Werner to first-half injuries.

Andreas Christensen volleyed the Blues ahead from Thiago Silva’s cross for his first goal for the club.

Lukaku was fouled – and injured – for a penalty which Jorginho scored, and Werner then pulled up while running.

Kai Havertz dinked home Chelsea’s third and Jorginho added another spot-kick for the European champions, who are second in Group H behind Juventus.

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