NPA restores levies on petroleum products
The levies were scrapped in October last year to mitigate the impact of rising prices of petroleum products on the world market on consumers
The National Petroleum Authority (NPA) has restored the price stabilization and recovery levies (PSRL) on petrol, diesel, and LPG effective Tuesday (1 February 2022).
The levies were scrapped in October last year to mitigate the impact of rising prices of petroleum products on the world market on consumers.
A statement issued by the NPA said “We hereby, wish to inform all Oil Marketing Companies (OMC) and LPG Marketing Companies (LPGMC) that effective 1 February 2022, the PSRL on petrol, diesel, and LPG have been fully restored …”
“All Oil Marketing Companies (OMC’s) and Liquefied Petroleum Gas Companies (LPGMs) are to take note of the above and apply them in their PBU accordingly.” the NPA statement added.
Below is the full statement:
Background
President Akufo-Addo on Monday (11 October 2021) granted the National Petroleum Authority approval for the removal of the price stabilization and recovery levies on petrol, diesel and LPG for two months.
The approval follows the advice of the NPA to the Minister of Energy to seek the government’s intervention to mitigate the impact of rising prices of petroleum products on the world market on consumers.
A statement by the NPA issued on 11 October 2021 said, “The purpose of the price stabilisation and recovery levy (PSRL) is to stabilise prices for consumers and pay for the subsidies on premix fuel and residual fuel oil (RFO).
“At this time it is important that the PSRL which is currently 16 pesewas per litre (GHp16/Lt) on petrol, 14 pesewas per litre (GHp14/Lt) on diesel, and 14 pesewas per kilogram (GHp14/Kg) on LPG are zeroed to cushion consumers.”
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