The subsidy on residual fuel oil (RFO) has been terminated, and the National Petroleum Authority (NPA) has informed the general public, particularly stakeholders in the oil marketing sector.
“The suspension of the policy to subsidise RFO is in line with the directive from the Ministry of Energy as an interim measure to ease the financial burden on the Price Stabilisation and Recovery Account (PSRA),” a statement issued by the Chief Executive of the Authority, Dr Mustapha Abdul-Hamid, said.
The decision took effect on Tuesday, November 1.
“The policy directive takes into consideration the growing concern about the sustainability of the Account to meet under-recovery payment obligations for Premix Fuel and RFO.”
Source: Mybrytnewsroom.com/Joseph Asare
