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Oil Marketing Companies in Ghana to reintroduce Stabilisation and Recovery Levy

The National Petroleum Authority (NPA) has directed Oil Marketing Companies (OMCs) in the country to re-introduce a Stabilization and Recovery Levy on products.

Oil Marketing Companies in Ghana to reintroduce Stabilisation and Recovery Levy

This indicates that the prices of petrol and diesel will attract a GH¢0.12 and GH¢0.10 respectively as a levy.

The Authority last week directed all OMCs to re-introduce the levy on the price buildup of petroleum products.

The directive according to NPA is coming from the Energy and Finance ministries through the NPA and it was based on the established principle which seeks to insulate consumers against rising prices of petroleum products.

The levy was earlier waved when prices of fuel were expected to rise due to the depreciation of the cedi against major trading currencies and the increase in prices of petroleum products.

Industry experts have questioned the rationale behind keeping this tax on products at a time when there have been concerns that there are too many taxes on petroleum products.

However, the NPA has explained that the levy is critical because, without them, there wouldn’t be funds to pay for the subsidies on premix fuel and residual fuel oil.

The authority added that it has strategically applied this levy to ensure that it does not negatively affect consumers.

The OMCs will be applying the levy when prices are low and take it off when prices at the pumps are going up.

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Email: news@pulselive.co.ke

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