The National Petroleum Authority (NPA) has announced that the Price Stability and Recovery Levies (PSRL) on gasoline, diesel, & liquefied petroleum gas (LPG) products will be reinstated in February 2022.
The National Petroleum Authority had been asked by President Akufo-Addo to extend the elimination of the Price Image stabilization and Retrieval Tax on petrol, diesel, and LPG until the end of January.
The PSRLs have been restored by the NPA after the grace period has expired.
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“Researchers therefore wish to notify both Petroleum Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) that the PSRLs on petrol, gasoline, and Gas have already been restored from 1st February, 2022,” it stated in a release.
The PSRL for petrol has been returned to 16 pesewas per litre, 14 pesewas per litre for diesel, and 14 pesewas each kilo for LPG.
According to the NPA, the PSRL’s zeroing cannot be extended any further because it is still a source of revenue for the provision of Premix Fuel and Residual Fuel Oil subsidies (RFO).
As a result, extending the PSRL suspension would “have a negative impact on the delivery of subsidies to the suppliers of these products, and risk their continued supply to customers.”
The NPA noted, “All Oil Marketing Companies (OMCs) as well as Liquefied Petroleum Gas Marketing Companies (LPGMCs) have to make a note of the aforesaid and apply it to their PBU accordingly.”
