President Nana Akufo-Addo has extended the zeroing of Price Stabilisation and Recovery Levy (PSRL) on petrol, diesel and LPG to January 31, 2022.
This was confirmed by the National Petroleum Authority (NPA) in a letter issued to the various Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) in the country.
The latest decision comes on the back of a letter dated October 22, 2021, on the subject matter “Removal of Price Stabilisation and Recovery Levy from the Price Build-Up (PBU) Effective 1st November 2021”.
In that letter, the directive to remove the PSRLs on petrol, diesel and LPG expired on 31st December 2021.
However, as part of efforts to avoid further increases in the prices of petroleum products this month, government has now decided to extend Zeroing of Price Stabilisation and Recovery Levy in the Price Build-Up to 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.
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.
Below is the NPA letter: