The zeroing of the Price Stabilisation and Recovery Levy on fuel, diesel, and LPG has been extended by Akufo-Addo until January 31

The zeroing of the Price Stabilisation and Recovery Levy on fuel, diesel, and LPG has been extended by Akufo-Addo until January 31

www.athleticshour.com | President Nana Addo Dankwa Akuffo-Addo | Ghana | Fuel | January | National Petroleum Authority | NPA |

The zeroing of the Price Stabilisation and Recovery Levy on fuel, diesel, and LPG has been extended by Akufo-Addo until Monday January 31, 2022.

The National Petroleum Authority (NPA) acknowledged this in a letter to the country’s various Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs).

The most recent decision follows a letter dated October 22, 2021, titled “Removal of Price Stabilisation and Recovery Levy from the Price Build-Up (PBU) Effective 1st November 2021.”

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The directive to remove PSRLs on gasoline, diesel, and LPG was set to expire on December 31, 2021, according to that letter.

However, in order to avoid any increases in petroleum product prices this month, the government has agreed to extend the Zeroing of the Price Stabilisation and Recovery Levy in the Price Build-Up until January 31.

“The National Petroleum Authority (NPA) wishes to inform all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) that His Excellency the President of the Republic of Ghana, through the Ministry of Finance and the Ministry of Energy, has directed the National Petroleum Authority to extend the zeroing of the PSRLs on petrol, diesel and LPG for another month (i.e. from 1st – 31st January 2022),” a letter from NPA signed by its Chief Executive Dr. Mustapha Abdul-Hamid has said.

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The NPA notes that this is in line with Section 5 (2b) of the Energy Sector Levies Act 2015 (Act 899), as amended, which allows the use of the PSRL to stabilise petroleum products prices for consumers.