Business

Fuel Price Soars As 3-Months PSRL Suspension Elapses

The three months suspension of the Price Stabilisation and Recovery Levy which began in November 2021 (PSRL) has elapsed.

Following this, prices of fuel have skyrocketed at various pumps.

The suspension was instituted by the government to cushion consumers and the Oil Marketing Companies (OMCs) from the rise in crude oil prices on the world market.

The initial two-month suspension of the levy from November 1, 2021, to December 31, 2021, was later extended to January 31, 2022.

The PSRL which is the source of revenue for the payment of the subsidies on Premix Fuel and Residual Fuel Oil (RFO), is 16 pesewas on a litre of petrol, 14 pesewas on a litre of diesel, and 14 pesewas per kilogram (GHp14/Kg) on LPG.

The NPA in a statement released on January 31, 2022, noted that it can no longer keep the PSRL at zero.

The impact of the restoration of the levy is already reflecting at the various pumps today, February 1, 2022.

Source: opemsuo.com/Hajara Fuseini

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