Rédaction Africa Links 24 with Reymond Awusei Johnson
Published on 2024-03-29 13:50:16
The government has taken a crucial step to freeze the imposition of the Price Stabilization and Recovery Levy (PSRL) on petroleum products and LPG in Ghana. This move is anticipated to provide consumers with some relief as they may witness a potential reduction in the prices of petrol by 16 pesewas, diesel by 14 pesewas, and LPG by 14 pesewas per kilogram in their price build-up.
The decision to suspend the PSRL comes at a time when there are projections of an impending increase in petroleum product prices from April 1, 2024. By putting a halt on the implementation of the levy, the government aims to protect consumers from facing higher costs at the pumps due to elevated global market prices.
Enacted under the Energy Sector Levies Act 2015 (Act 899), the PSRL grants the National Petroleum Authority (NPA) the authority to stabilize petroleum prices for consumers over specific periods. Currently, the levy stands at 16 pesewas per liter for petrol, 14 pesewas per liter for diesel, and 14 pesewas per kilogram for LPG.
This decision reflects the government’s proactive approach to mitigating the impact of fluctuating petroleum prices on consumers. It is part of a series of interventions aimed at providing relief to consumers during periods of price volatility. While the suspension of the PSRL offers temporary respite, it is important to note that it is subject to periodic review based on prevailing market conditions.
Overall, the government’s decision to suspend the PSRL demonstrates its commitment to ensuring that consumers are shielded from the potential effects of rising global market prices on petroleum products. By temporarily freezing the levy, consumers in Ghana are likely to benefit from reduced prices at the pump for petrol, diesel, and LPG. This move highlights the government’s responsiveness to the needs of the populace and its willingness to take proactive measures to alleviate the financial burden on consumers in the face of economic challenges.
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