Draw revenue accrued from PSRL account to mitigate persistent fuel price hikes – Akwaboah

• Prices of petroleum products have surged all year

• Diesel and petrol are currently selling at GH¢6.90 per litre at some pumps

• The implementation of the PSRL was expected to take effect from November 1

Former Board Chair of the Association of Oil Marketing Companies, Henry Akwaboah has tasked government to commence drawing from the Price Stabilisation and Recovery Levies account in order to mitigate the persistent hikes in petroleum products.

According to the oil expert, the move is also necessary to improve price stability and cushion consumers.

In an interaction with Citi Business News, Akwaboah said, “I think that all the revenue that has accrued when the price stabilisation was inspired should now be used to reduce the prices. I mean that is the reason why the levy was imposed in any way”.

“So, the time has come for us to use it, I don’t know how much is sitting in there, but let the government disclose that; so this how much we were able to accrue and this is how we are going to implement it. At this period that we are expecting prices to be going up, that’s the only thing government can do. It’s either they stabilize it or further reduce it,” he explained.

Prices of petroleum products have in the past month witnessed significant hikes since increased since the beginning of this year. This has sparked fears that consumers may by the end the year, be paying an all-time high rate per litre.

To mitigate the impact of petroleum price build-up on consumers, government through the National Petroleum Authority (NPA) on October 11, 2021, granted approval for the removal of Price Stabilisation and Recovery Levy on petrol, diesel, and LPG for two months.

The levy is however yet to take effect as Parliament is yet to pass a legislation.