The National Petroleum Authority (NPA) has reinstated the Price Stabilization Recovery Levy as part of the price build-up, which means that consumers of petroleum products may have to pay extra for petrol, diesel and LPG.
In a letter obtained by 3News on Wednesday, April 3, the NPA states that Oil Marketing Companies (OMCs) are encouraged to reinstate the fee as of Thursday, April 4.
The regulator gave the OMCs and LPG Marketing Companies instructions to abolish the stabilization levy with effect from April 1 to June 30, 2024, in a letter dated March 28.
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However, it’s unclear what might have led to the levy’s suspension being reversed.
Parts of the letter stated, “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.”
“All Liquefied Petroleum Gas Companies (LPGMCs) and Oil Marketing Companies (OMCs) are to take note of the above revision of the PSRL and apply them in their Price Build-Ups effective April 4, 2024,” the statement continued.
In the meantime, on April 4, 2024, the NPA’s action may cause the prices of several petroleum goods to increase once more.
After the reversal, one would add sixteen pesewas to one litre of gasoline, fourteen pesewas to one liter of diesel, and fourteen pesewas to one kilogramme 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.
