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Reduction in fuel prices to take effect from November 1 - NPA

Sat, 23 Oct 2021 Source: rainbowradioonline.com

The National Petroleum Authority (NPA) has announced that the Ministry of Finance has instructed them to implement the directives on the zeroing of Price Stabilisaion and Recovery, PSR, levies on fuel pricing at the next pricing window.

The NPA in the statement said the directive will take effect on November 1, 2021.

President Nana Addo Dankwa Akufo-Addo, on October 8, 2021, granted permission to the National Petroleum Authority (NPA) to zero the Price Stabilisation and Recovery Levies on petroleum products at least for the next two months.

The Authority had sought government intervention through the Minister of Energy, Dr Matthew Opoku Prempeh, to mitigate the impact of rising prices of petroleum products on the world market on consumers.

The NPA, after the approval, disclosed it would be working with the ministries of Energy and Finance “to quicken the legislative processes to give immediate effect to this directive by the President”.

In an update today, Friday, October 22, 2021, the NPA said it was working to ensure the necessary adjustments at the pump were carried out to reflect in the directive by the President.

Read the full statement below

Source: rainbowradioonline.com
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