The National Petroleum Authority (NPA) has indicated its decision to restore the Price Stabilisation and Recovery Levies (PSRL) on petrol, diesel and Liquefied Petroleum Gas (LPG) products effective February 1, 2022.

President Akufo-Addo had directed the National Petroleum Authority to extend the removal of the Price Stabilisation and Recovery Levies on petrol, diesel, and LPG to the end of January.

Following the exhaustion of the grace period, the NPA has restored the PSRLs.

“We hereby wish to inform all Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) that effective 1^st February, 2022, the PSRLs on petrol, diesel and LPG have been fully restored,” it said in a statement.

The restored PSRL is 16 pesewas per litre on petrol, 14 pesewas per litre on diesel, and 14 pesewas per kilogram on LPG.

According to the NPA, the zeroing of the PSRL cannot be extended any further considering it remains the source of revenue for the payment of the subsidies on Premix Fuel and Residual Fuel Oil (RFO).

Thus an attempt to extend the suspension of PSRL further would “negatively affect the payment of subsidies to the suppliers of these products, and threaten their continuous supply to customers.”

“All Oil Marketing Companies (OMCs) and Liquefied Petroleum Gas Marketing Companies (LPGMCs) are to take note of the above and apply them in their PBU accordingly,” the NPA stated.