The National Petroleum Authority has been asked to suspend the implementation of the Price Stabilisation and Recovery Levy (PSRL) on the price buildup of petroleum products.
The directive will freeze the implementation of the levy charged on every litre of petroleum products and kilogramme of LPG from Monday, April 1, to June 30, 2024.
The NPA has therefore sent a letter to all the players in the oil marketing and distribution sector informing them about the new directive.
This was based on a directive from the Finance Ministry working with the Energy Ministry.
The action could result in the price of petrol being reduced by 16 pesos in its price buildup. Diesel is 14 pesos, and LPG is also 14 pesos per kilogramme.
However, there have been predictions that prices of petroleum products are expected to go up on April 1, 2024.
This could slow down the expected margin of increase for the prices of the various petroleum products.
According to the letter, this is to insulate consumers from paying for higher fuel prices at the pumps based on rising prices on the global market.
By: Rainbowradioonline.com/Ghana
