The Institute for Energy Policies and Research (INSTEPR) is calling on the Finance Minister to, as a matter of urgency, account for the ¢1.26 billion accrued from the Price Stabilisation and Recovery Levy (PSRL) since 2015.

In a press release by Africa Centre for Energy Policy (ACEP), they estimated the total amount paid by Ghanaians due to PSRL to be ¢2.53 billion.

“If there is ever a time Ghanaians wanted help from our government, I think now will be a good time. We are just about recovering from the Covid-19 pandemic, prices of goods are very high because of high shipping cost, wages have not increased much, and the international petroleum prices are going up every day,” the institute said.

As per Act 899, part of this levy is to subsidize premix and residual fuel oil and the balance to stabilise petroleum prices for consumers.

Last week, the President gave executive approval for the PSRL, which is currently ¢0.16 for gasoline and ¢0.14 for diesel, to be reduced to zero.

Government says the reduction is to help Ghanaians in these times of high petroleum prices.

While welcoming the announcement, INSTEPR is demanding that the funds accrued from the deduction since 2015 be made public.

The Institute, in a statement signed by Kwadwo Poku, explained that “we have all been paying this levy since 2015 till date, and from ACEP’s calculation, there should be about ¢1,263,928,479.69 in that account for price stabilisation.”

“Ghanaians are not asking the Finance Minister to borrow to help us; all we want is our ‘susu money’ to help us in these difficult times.”

They also called on legislators to press for answers when Parliament returns from recess later this month.

“We hope the Mines and Energy committee demand the whereabouts of this money and how Government intend to use it. The National Petroleum Authority (NPA) are only happy to implement margins and Taxes but not for once be on the side of the suffering Ghanaians.”

Government introduced the Price Stabilisation and Recovery Levy in 2015 under the Energy Sector Levies Act 899. The fundamental idea behind this levy is simple:

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