Consumers of petroleum products could pay more for petrol, diesel and LPG as the National Petroleum Authority (NPA) has reintroduced the Price Stabilisation Recovery Levy in the price build-up.
The NPA, in a letter dated Wednesday, April 3, sighted by 3News, indicates that Oil Marketing Companies (OMCs) are advised to bring back the levy effective Thursday, April 4.
The regulator, in a March 28 letter, directed the OMCs and LPG Marketing Companies to remove the stabilisation levy, effective April 1 to June 30, 2024.
It is, however, unclear what might have caused the reversal of the suspension of the levy.
“The National Petroleum Authority hereby wishes to inform all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) that there has been a follow up directive, hence the PSRLs have been revised as indicated in the Table below effective 4th April 2024,” parts of the letter read.
It added that “All Oil Marketing Companies (OMCs) and Liquefied Petroleum Gas Companies (LPGMCs) are to take note of the above revision of the PSRL and apply them in their Price Build-Ups effective 4th April 2024.”
Meanwhile, the move by the NPA could result in prices of various petroleum products going up again on April 4, 2024.
Read also: Petroleum products: NPA drops Price Stabilisation Levy from price build-up, effective April 1
Following the reversal, 16 pesewas would be added to every litre of petrol, 14 pesewas on a litre of diesel, and 14 pesewas to every Kg of Liquefied Petroleum Gas (LPG).
About PSRL
The Energy Sector Levies Act of 2015 (Act 899) empowers the National Petroleum Authority to set long-term petroleum product pricing for consumers.
It currently charges 16 pesewas per litre for petrol, fourteen pesewas per litre (GHp14/Lt) for diesel and 14 pesewas per kilogramme (GHp14/Kg) for LPG.
In recent times, the government has used the suspension as an intervention to protect consumers of petroleum goods from rising global costs.
That is, once prices reach a level that may harm consumers, the government suspends the imposition of the stabilisation levy on petroleum products.