Fuel Prices Go Up Despite Removal of PSRL

Fuel prices are inching closer to GH¢7 per litre at major fuel trading stations despite assurances of price stabilisation as a result of the removal of the Price Stabilisation and Recovery Levy (PSRL).

Last month, President Nana Addo Dankwa Akufo-Addo approved a request from the National Petroleum Authority (NPA) to zero the PSRL for two months in order to stay the increasing reviews of petroleum prices.

 

The move was aimed at cushioning consumers from feeling the full impact of the rising global prices on petroleum products.

Nonetheless, prices on Friday, November 5 increased at most pumps.

Petrol and Diesel are selling at maximum GH¢6.9 per liter and minimum GH¢6.75 per litre.

 

But the Chief Executive Officer (CEO) of oil marketing companies (OMCs), Kwaku Agyeman Duah, sees no end in sight soon.

 

 

“The trend around this time [means] it will continue going up,” he told Alfred Ocansey on 3FM’s Sunrise on Monday, November 1.

 

 

“We are still going to have some increments because the factors that affect the increments are still there. The increasing trend will continue.”

Meanwhile, it is unclear if the NPA has completed legislative processes to give effect to the President’s directive to zero PSRL.