Energy Analyst and member of the New Patriotic Party (NPP), Kwadwo Poku has urged for the removal of the Price Stabilization and Recovery Levy imposed by the National Petroleum Authority (NPA).
The NPA recently reintroduced the Price Stabilization and Recovery Levy into petroleum product prices starting April 4, 2024.
This move prompted adjustments in fuel prices by some Oil Marketing Companies (OMCs), with potential impacts on consumer costs and increased transport fares.
During an interview on The Big Issue on Citi TV with Selorm Adonoo, Mr Poku voiced his disagreement with the Ministry of Finance’s decision to reintroduce the Price Stabilization and Recovery Levy.
He stated, “I felt it was very unfortunate when the Ministry of Finance in their wisdom thought that the Price Stabilisation and Recovery Levy has to be put back because of the reasons that was stated.
“I disagree with the Ministry of Finance on that because I think that price stabilisation levy is not a consolidated fund item.”
“It is money that goes to a separate port. It shouldn’t go to a consolidated fund and as a result, it shouldn’t affect the general calculation of government in terms of the IMF programme and all the things that the Ministry of Finance want to tell us.”
The Energy Sector Levies Act 2015 (Act 899) allows the National Petroleum Authority to stabilise petroleum product prices for consumers over a certain period.
It currently charges 16 pesewas per litre for petrol, fourteen pesewas per litre (GHp14/Lt) for diesel and 14 pesewas per kilogram (GHp14/Kg) for LPG.