Fuel prices increase as PSRL is re-introduced from February 1
Then-candidate Nana Akufo-Addo promises to keep his word to Ghanaians
A video showing then-presidential-candidate Nana Addo Dankwa Akufo-Addo making promises to the people of Ghana with respect to the reduction of fuel prices if he becomes, has re-surfaced online.
The president, seen at a rally, told the people gathered that he would do better for them by ensuring that their fuel prices are reduced.
"When I get power I won't turn my back on you, I won't make a promise I can't fulfill, and I will also decrease the price of petrol," he said in the Twi language.
It must be stated that effective today, February 1, 2022, consumers of petroleum products are expected to pay more at various pumps.
This comes after the National Petroleum Authority (NPA) announced an introduction of the Price Stabilisation and Recovery Levy (PSRL) which is a key factor in the Fuel Price Build-Up.
The Head of Pricing at the NPA, Abass Tasunti, explained that the move is necessary in order to enable the regulator to subsidise premix fuel for the fisherfolk in the country.
“The three months period that it has been taken off, nothing has gone into the account and we’ve been using the balance we have in the account over this period to pay for this subsidy.
“…As we speak, the account is dry so if we remove it forever or we continue zeroing the levy, it means that we will not have money. The continuous supply of premix oil and residual fuel will be threatened which we do not want to happen so unfortunately for the consumer, it [the levy] has to come back,” he said to Citi Business.
See the video of President Nana Addo Dankwa Akufo-Addo here:
