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Fuel price hikes: Government lost GH¢182.6m after temporary removal of PSRL – Ofori-Atta

KenOfori Atta Finance Minister New 20201 Finance Minister, Ken Ofori-Atta

Thu, 23 Jun 2022 Source: www.ghanaweb.com

Ofori-Atta appears before parliament

Suspension of PSRL was to cushion Ghanaians, Ofori-Atta

Government ends temporary ban on Price Stabilization and Recovery Levy

Finance Minister, Ken Ofori-Atta, has disclosed that a total of GH¢182.60 million was lost in revenue following government's suspension of the Price Stabilization and Recovery Levy (PSRL).

He stated that though government run at a loss, the move was to cushion Ghanaians, especially motorists amidst the incessant hike in petroleum products across the country.

The fuel price increment has in the past months had dire consequences on Ghanaians amidst the economic hardship.

While speaking on the floor of parliament on Wednesday, June 22, 2022, to answer questions on what measures the Finance ministry has put in place to address the increase in fuel prices, Ken Ofori-Atta said, “The suspension of this levy [PSRL] resulted in a loss of revenues of about GH¢182.60 million for the period."

“The government also intervened to suspend the margins on the petroleum price build-up by a total of 15 pesewas per litre effective April 1, 2022, for three months as part of measures to slow down the increasing petroleum products prices at pumps,” he added.

Government in November 2021 suspended the Price Stabilization and Recovery Levy - a charge on petrol, diesel, and LPG.

Petrol had a 16 pesewas charge per litre whiles diesel had 14 pesewas per litre and LPG per kilogram attracted 14 pesewas.

The suspension, however, ended in January 2022.

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Source: www.ghanaweb.com
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