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Ghana Gov’t Removes Fuel Levy, Bringing Relief at Pumps Effective April 1st

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The Ministry of Finance, acting through the Ministry of Energy, has issued a directive to the National Petroleum Authority (NPA) to eliminate the Price Stabilisation and Recovery Levy (PSRL) from the Price Build-Up.

This directive, in accordance with section 2 (b) of the Energy Sector Levies Act 2015 (Act 899) as amended in 2021, Act 1064, will be effective for a period of three months. Responding to this instruction, the NPA has announced the removal of the PSRL from the Price Build-Up, starting from April 1st until June 30th, 2024.

Compliance with the revised PSRL rates during this timeframe is mandatory for all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs).

Before the removal, the PSRL rates stood at 16.00 GHp/Lt for petrol, 14.00 GHp/Lt for diesel, and 14.00 GHp/Kg for LPG, effective as of March 16th, 2024. However, as of April 1st, 2024, these levies will be reduced to zero for all fuel products.

The government’s intervention aims to alleviate the impact of soaring global fuel prices on consumers. By temporarily eliminating the PSRL, the government seeks to ease the financial burden on consumers at fuel stations.

OMCs and LPGMCs are urged to incorporate these revised PSRL rates into their Price Build-Ups from April 1st to June 30th, 2024, ensuring transparency and compliance with the government’s directive.

Consumers are advised to take note of these adjustments and adjust their expectations accordingly. The government is actively taking measures to mitigate the effects of global market fluctuations on fuel prices, and this initiative is one such effort.