Government lost GH¢174 million due to three-month suspension of PSRL – NPA

Fuel Pump1 2020 File photo a fuel pump

Wed, 2 Feb 2022 Source: www.ghanaweb.com

OMCs to adjust fuel prices

Zeroing of PSRL was directed by President Akufo-Addo last year

Consumers to pay more for fuel at various pumps

National Petroleum Authority has said the three-month suspension of the Price Stabilisation and Recovery Levy (PSRL) cost government some GH¢174 million.

Communications Manager for the Authority, Mohammed Abdul-Kudus, said the suspension of the levy cost the state about GH¢58 million in revenue monthly.

In an interaction with the Ghana News Agency, he explained that a decision to reintroduce the PRSL was necessary to generate funds which will go towards premix fuel subsidies and industrial fuel in accordance with the objectives of the Energy Sector Levies Act, 2015 (Act 899).

“What it means is that for a period of three months that it was suspended, the Government was still finding money elsewhere to be subsiding premix and industrial fuel,” he told GNA.

Meanwhile, consumers of petroleum products are expected to pay more at various pumps from Tuesday, February 1, 2022.

Prior to the re-introduction of the PSRL, government in October 2021 approved the removal of the measure in order to cushion consumers from the persistent increase in the price of petroleum products.

The removal of the levy which spans about three months, covered petrol, diesel, and Liquified Petroleum Gas. During the period, it culminated in the reduction of 16 pesewas per litre on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel and fourteen pesewas per kilogram (GHp14/Kg) on LPG.

Meanwhile, some Oil Marketing Companies have begun to adjust their prices of petroleum products across various pumps in the country with petrol and diesel going for GH¢7.090 and GH¢7.130 per litre respectively.

Source: www.ghanaweb.com
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