NPA announces removal of Price Stabilisation and Recovery Levy to reduce cost of fuel

The National Petroleum Authority (NPA) has announced that the Price Stabilisation and Recovery Levy has been removed from the Price Build-Up.

The removal takes effect on April 1 and is expected to bring down the cost of fuel at the pumps.

This will lead to a 16peswas reduction on petrol and 14pesewas each on diesel and LPG.

“The Ministry of Finance through the Ministry of Energy has directed the National Petroleum Authority (NPA) to remove the Price Stabilisation and Recovery Levy (PSRL) from the Price Build-Up in accordance with section 2 (b) the of Energy Sector 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 PSRLs have been revised,” parts of a press release from the NPA has said.

In the release from NPA, it explained that the intervention from the government is to insulate consumers from paying high costs of fuel at the pumps due to rising global prices.

All Oil Marketing Companies (OMCs) and Liquefied Petroleum Gas Companies (LPGMCs) are advised to take note of the revision of the PSRL and apply them in their Price Build-Ups effective 1st April - 30th June 2024.