Withdraw Price Stabilisation and Recovery Levy now – Energy analyst

Kwadwo Nsafoah Poku, an energy analyst, has called for the withdrawal of the Price Stabilisation and Recovery Levy introduced by the National Petroleum Authority (NPA).

Speaking on The Big Issues, and monitored by GhanaWeb, Nsafoah Poku expressed disappointment in the decision of the Ministry of Finance to reintroduce the Price Stabilization and Recovery Levy.

According to him, the Price Stabilisation Levy is not a consolidated fund item and should not be calculated as one.

“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,” he explained.

Effective April 4, 2024, the NPA reintroduced the Price Stabilization and Recovery Levy into the price build-up for petroleum products, prompting adjustments in fuel prices by some Oil Marketing Companies (OMCs).

The rationale behind this decision remains unclear, but it will impact the cost of petroleum products for consumers, potentially leading to increased transport fares.

EAN/AE

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