Government temporarily suspends implementation of price Stabilisation and Recovery levy on petroleum products

The Government has directed the National Petroleum Authority to temporarily suspend the implementation of the Price Stabilization and Recovery Levy (PSRL) on petroleum products.

This suspension of the levy charged on petroleum products and LPG is effective from Monday April 1 to June 30, 2024.

This National Petroleum Authority served the suspension notice via a letter to players in the oil marketing and distribution sector. The letter noted that the suspension had been directed by the Finance and Energy ministries.

Impact The action could see the price of Petrol reduced by 16 pesewas, Diesel by 14 pesewas and LPG also 14 pesewas per Kilogramme. However, there have been earlier projections of prices of petroleum products going up from April 1, 2024.

The letter announcing the suspension also stated that the action was to cushion consumers from rising global market prices.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Tags:

petroleum products

Stabilisation levy