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Sun, 21 Apr 2024 Social News

Price Stabilisation and Recovery Levy must be withdrawn – NPP's Kwadwo Poku

  Sun, 21 Apr 2024
Price Stabilisation and Recovery Levy must be withdrawn – NPP's Kwadwo Poku
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Kwadwo Nsafoah Poku, an Energy Analyst and member of the ruling New Patriotic Party (NPP), has advocated for the withdrawal of the Price Stabilization and Recovery Levy imposed by the National Petroleum Authority (NPA).

Effective April 4, 2024, the NPA reintroduced the Price Stabilization and Recovery Levy into the price build-up for petroleum products, prompting adjustments in fuel prices by some Oil Marketing Companies (OMCs).

The rationale behind this decision remains unclear, but it will impact the cost of petroleum products for consumers, potentially leading to increased transport fares.

During an appearance on The Big Issue on Citi TV with Selorm Adonoo, Mr Poku expressed his disagreement with the Ministry of Finance’s decision to reintroduce the Price Stabilization and Recovery Levy.

“I felt it was very unfortunate when the Ministry of Finance in their wisdom thought that the Price Stabilisation and Recovery Levy has to be put back because of the reasons that was stated.

“I disagree with the Ministry of Finance on that because I think that price stabilisation levy is not a consolidated fund item.”

“It is money that goes to a separate port. It shouldn’t go to a consolidated fund and as a result, it shouldn’t affect the general calculation of government in terms of the IMF programme and all the things that the Ministry of Finance want to tell us.”

-citinewsroom

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