The Government of Ghana has directed the National Petroleum Authority (NPA) to suspend Price Stabilisation and Recovery Levy (PSRL), one of the levies on petroleum products, for three months effective April 1, 2024.
Consequently, the price of petrol will be reduced by 16 pesewas while diesel and LPG will be reduced by 14 pesewas respectively.
This is expected to cushion consumers from paying high costs of fuel at the pumps due to rising global prices.
A letter signed by the Deputy CEO of NPA, Perry Okudzeto, to all the players in the oil and marketing distribution sector said the suspension is effective from 1st April to 30th June 2024.
“The Ministry of Finance, through the Energy Ministry, has directed the National Petroleum Authority (NPA) to remove the price stabilisation 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 (OMCs) and LPG Marketing Companies (LPGMCs) that the PSRL has been revised for the period 1st April to 30th June 2024,” the letter said.
Despite the suspension of the PSRL, fuel prices are likely to witness a marginal increase due to the exchange rate and rising cost of finished products on the international market.
Currently, the three major OMCs namely GOIL, Shell and TotalEnergies are selling petrol and diesel at Gh¢13.49 per litre and Gh¢14.49 per litre respectfully.
Source: https://energynewsafrica.com