The National Petroleum Authority, (NPA), has restored the Price Stabilisation and Recovery Levy (PSRL) on fuel products.
The restoration, according to the NPA, takes effect, Tuesday, February 1, 2021.
This means consumers are expected to pay more at the pumps.
President Akuffo-Addo in October 2021 directed the NPA to suspend the levy as part of efforts to cushion consumers from the constant rise in the price of fuel products in the country.
But, following the consumption of the grace period, the NPA in a statement dated January 31, 2022 said the PSRL has been restored since the Authority remains the source of revenue for the payment of the subsidies on Premix Fuel and Residual Fuel Oil (RFO).
“We hereby wish to inform all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) that effective 1st February, 2022, the PSRLs on petrol, diesel and LPG have been fully restored.”
It added that any attempt to extend the suspension will “negatively affect the payment of subsidies to the suppliers of these products, and threaten their continuous supply to customers.”
The restored PSRL is 16 pesewas per litre on petrol, 14 pesewas per litre on diesel and 14 pesewas per kilogram (GHp14/Kg) on LPG.
The NPA thus, urged “All Oil Marketing Companies (OMCs) and Liquefied Petroleum Gas Marketing Companies (LPGMCs) are to take note of the above and apply them in their PBU accordingly.”
