Repeal the Price Stabilization and Recovery Tax Now – Energy Analyst

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

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

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

“I was very sorry when the Ministry of Finance, in their wisdom, thought that the Price Stabilization and Recovery Levy had to be reversed for the reasons stated. I disagree with the Ministry of Finance on this, because I believe that the price stabilization levy is not a consolidated fund item.

“It is money that goes to a separate port. It should not go to a consolidated fund and consequently it should not affect the overall calculation of the government in terms of the IMF program and all the things that the Ministry of Finance wants to tell us,” he explained.

Effective April 4, 2024, the NPA reintroduced the Price Stabilization and Recovery Levy into the price structure for petroleum products, leading to fuel price adjustments 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 higher transportation rates.

EAN/AE

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