The Ministry of Finance, in collaboration with the Ministry of Energy, has directed the National Petroleum Authority (NPA) to exclude the Price Stabilisation and Recovery Levy (PSRL) from the Price Build-Up.
This directive follows the provisions of section 2 (b) of the Energy Sector Levies Act 2015 (Act 899), as amended in 2021, Act 1064, and will be effective for a three-month period.
Responding to this directive, the NPA has announced the removal of the PSRL from the Price Build-Up, effective from April 1st to June 30th, 2024. All Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) are required to comply with the adjusted PSRL rates during this period.
Previously, the PSRL rates were established at 16.00 GHp/Lt for petrol, 14.00 GHp/Lt for diesel, and 14.00 GHp/Kg for LPG, effective from March 16th, 2024.
However, these levies will be reduced to zero for all fuel products starting April 1st, 2024.
This government intervention is aimed at alleviating the financial burden on consumers caused by high fuel costs resulting from rising global prices.
By temporarily eliminating the PSRL, the government intends to ease the financial strain experienced by consumers at fuel stations.
All OMCs and LPGMCs are urged to implement the revised PSRL rates in their Price Build-Up from April 1st to June 30th, 2024, ensuring transparency and adherence to the government’s directive.
Consumers are advised to take note of these adjustments and adjust their expectations accordingly. The government is implementing measures to mitigate the impact of global market fluctuations on fuel prices, and this action is part of that effort.