Bussiness
Scrapping of PSRL stalls as fuel prices rise to GH¢6.80 per litre
The much-anticipated removal of the Price Stabilisation and Recovering levy of 16 pesewas in the price build-up of fuel at the pumps is yet to take effect even as the second pricing window commences.
This is because Parliament is yet to give the National Petroleum Authority (NPA) the approval needed to scrap the levy.
While many were expecting the scrapping of the levy to take effect in the second window of October which started on October 16, another round of increases at the pumps this past weekend has pushed a litre of petrol and diesel to GH¢6.80 at some pumps.
The NPA on October 11, 2021, disclosed that President Akufo-Addo had approved the removal of the Price Stabilisation and Recovery Levies (PRSL) on petrol, diesel, and LPG for two months.
The authority added that the approval followed its advice to the Energy Minister for the government’s intervention to mitigate the impact of rising prices of petroleum products on the world market on consumers.
Speaking to Citi Business News on the matter, Head of Communication of the NPA, Mohammed Abdul-Kudus noted that Parliament “has not given the NPA the all-clear to remove the levy hence the increases we are seeing at some filling stations.”
“It would have to take Parliament to give us the clearance to now remove it from the price build-up. Because Parliament has not been able to give us the all-clear, and since the second window is supposed to ensue from October 16, regrettably the recent increases at the pumps by some of the OMC’s are inclusive of the levy. The levy will only be excluded after Parliament has given us the all-clear,” he said.
Brent Crude Oil, a key determinant in the price of fuel, ended September selling at around 77 dollars a barrel, settled at a three-year high above $85 a barrel on Friday, October 15, 2021.
According to a recent press release from the Association of Oil Marketing Companies (AOMC), the significant rise in the price of crude oil among other factors in the first window of October would lead to a litre of petrol and diesel selling at between GH¢ 6.88 to GH¢ 7.11 and GH¢ 6.82 to GH¢ 7.05 respectively in the second window, inclusive of the current Price Stabilisation and Recovery Levy.
Without the levy, the AOMC expects a litre of petrol and diesel to sell at between GH¢6.72 to GH¢6.95 and GH¢6.68 to GH¢6.91 respectively in the second window. Checks by Citi Business News at the pumps show that some of the Oil Marketing Companies like Total have increased a litre of petrol and diesel from GH¢ 6.52 to GH¢ 6.80.
Ghanaian dancehall artiste Charles Nii Armah Mensah, known as Shatta Wale, has won two awards at the 43rd International Reggae and World Music Awards (IRAWMA) held in Florida over the weekend.
He picked up the Best African Dancehall Entertainer award as well as Concert of the Year for ShattaFest.
In a statement, Shatta Wale’s management expressed appreciation to the organisers and supporters of the awards.
“Management would like to sincerely appreciate the organisers of the IRAWMA awards for the recognition and continuous support for African music on the global stage.
“We also extend our deepest gratitude to fans across the world, especially the Shatta Movement fraternity, for their unwavering support, votes, and dedication throughout the years,” the statement said.
The statement added that the latest wins reaffirm the artiste’s position as one of Africa’s leading musical exports and a prominent figure in global dancehall culture.
The awards bring Shatta Wale’s total haul at the IRAWMA to 11, highlighting his continued presence on the international reggae and dancehall scene.
At last year’s edition, he won three awards: Best African Dancehall Entertainer, Best Music Video for “Killa Ji Mi”, and Best Crossover Song for “Commando” featuring Bounty Killer. -GNA
Bussiness
Global Market Volatility: Gov’t absorb GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol
Effective Thursday, April 16, 2026, which is the next pricing window, the Government will absorb GH¢2.00 per litre on diesel and GH¢ 0.36 per litre on petrol.
This intervention is intended to cushion customers and ease the cost burden on households, transport operators, and businesses.
The measure, approved by Cabinet, is in response to rising prices of petroleum products on the international market, which have significantly impacted ex-pump prices in Ghana.
This temporary intervention will remain in force for a period of one (1) month.
During this period government will continue to closely monitor developments in the global oil market and assess the need for further policy adjustments.
A statement signed by Minister of Government Communications, Felix Ofosu Kwakye noted that they remain commited to maintaining price stability, protecting livelihoods, and supporting Ghana’s economic recovery in the face of external shocks.
