OMCs adjust fuel prices from February 1, 2022
Government lost GH¢174 million due to three-month suspension of PSRL – NPA
The timing of government’s decision to restore the Price Stabilisation and Recovery Levy (PSRL) on petroleum products has been described as unfortunate.
This is the view of Energy Analyst, Dr Kojo Poku, who believes the levy which was meant to cushion consumers from the impact of persistent fuel price hikes has now defeated its intended purpose with a re-introduction.
Reacting to the development on the JoyFM’s Super Morning show on February 1, Dr Kojo Poku said, “it’s a bit unfortunate that the PSRL would have to be brought back at the time when the international prices are on the upward increase. The original reason for the stabilisation was to be brought in when prices are low and government needs to recruit something for other operations."
“This is the time when prices are high and is still inching high and it’s not going to come down anytime soon. So, I would have expected government not to introduce the price stabilisation because it defeats the purpose for which the levy was introduced,” he added.
Meanwhile, the 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.
He explained that the decision to re-introduce the PRSL was necessary to generate funds that will go towards premix fuel subsidies and industrial fuel per the objectives of the Energy Sector Levies Act, 2015 (Act 899).
The removal of the levy which span 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.
Already, 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 from February 1, 2022.
File photo a fuel pump