Remove Price Stabilization Levy on petroleum products - Kwadwo Poku tells NPA

Ghanaian

Kwadwo Nsafoah Poku, an Energy Analyst and member of the New Patriotic Party (NPP), has called for the removal of the Price Stabilization and Recovery Levy imposed by the National Petroleum Authority (NPA).

As of April 4, 2024, the NPA reinstated the Price Stabilization and Recovery Levy in the pricing structure for petroleum products, leading to adjustments in fuel prices

Read full articleby certain Oil Marketing Companies (OMCs).

The reasoning behind this move remains unclear, but it is expected to impact the prices of petroleum products for consumers, potentially resulting in higher transportation costs.

Speaking on The Big Issue on Citi TV, Mr. Poku voiced his opposition to the Ministry of Finance's decision to reintroduce the Price Stabilization and Recovery Levy.

"I found it regrettable when the Ministry of Finance decided to reintroduce the Price Stabilisation and Recovery Levy for reasons that were provided. I disagree with the Ministry of Finance because I believe that the price stabilization levy should not be part of the consolidated fund."

"It is a fund that is separate. It should not be included in the consolidated fund, and therefore, it should not affect the overall calculations of the government concerning the IMF program and other matters that the Ministry of Finance wants to discuss."