NPA to restore Price Stabilisation and Recovery Levy today

The National Petroleum Authority, (NPA), is set to re-introduce the Price Stabilisation and Recovery Levy, today, Tuesday, February 1, 2021.

Price Stabilisation and Recovery Levy is a key component of the Fuel Price Build-up.

This means consumers should expect to pay more at the pumps.

The NPA suspended the levy in October 2021 as part of efforts to cushion consumers from the constant rise in the price of fuel products in the country.

This was upon the request from President Nana Addo Dankwa Akufo-Addo.

However, the NPA in a press statement issued, yesterday, Monday, January 31, 2022, the zeroing of the PSRL cannot be extended any further as it remains the source of revenue for the payment of the subsidies on Premix Fuel and Residual Fuel Oil (RFO).

“We hereby wish to inform all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) that effective 1st February, 2022, the PSRLs on petrol, diesel and LPG have been fully restored.”

It added that any attempt to extend the suspension will “negatively affect the payment of subsidies to the suppliers of these products, and threaten their continuous supply to customers.”

The PSRL is 16 pesewas per liter on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel and fourteen pesewas per kilogram (GHp14/Kg) on LPG.

Currently, some Oil Marketing Companies are already selling fuel beyond the GH¢ 7 per litre mark which means the reintroduction of the levy will send prices further above GH¢ 7 per litre.

Source: editors.3news.com/Ghana