Government has directed the National Petroleum Authority (NPA) to suspend the implementation of price stabilization and recovery levy (PSRL) from the price build up on petroleum products.
The move is expected to cushion consumers from paying high costs of fuel at the pumps due to rising global prices.
A letter dated March 28 and signed by the deputy CEO of NPA, Perry Okudzeto to all the players in the oil and marketing distribution sector said the suspension will span from April 1 to June 30 2024.
“The Ministry of Finance through the Energy Ministry has directed the National Petroleum Authority (NPA) to remove the price stabilization and recovery levy (PSRL) from price build in accordance with section 2(b) of the Energy Sector Recovery Levies Act 2015(Act 899) amended 2021 Act 1064 for three months.”
“In view of the above directive, the NPA hereby wishes to inform all Oil Marketing Companies (OMC’s) and LPG Marketing Companies (LPGMC’s) that the PSRL has been revised …for the period April 1 to June 30, 2024,” the letter said.
