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Fuel Prices In Line For A Drop After Government Suspends A Tax On Petroleum Products For 3 Months
Business and Economy

Fuel Prices In Line For A Drop After Government Suspends A Tax On Petroleum Products For 3 Months

by  Delali Adogla-Bessa 2 min read
  • The Price Stabilisation and Recovery Levy on petroleum products will be suspended from April to June 2024
  • The government directed the National Petroleum Authority to suspend the implementation of Price Stabilization and Recovery Levy
  • The Energy Sector Levies Act 2015 (Act 899) allows the National Petroleum Authority to stabilise petroleum product prices

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The Price Stabilisation and Recovery Levy on petroleum products is set to be suspended from April to June 2024.

The government directed the National Petroleum Authority to suspend the implementation of the levy, according to Joy News reports.

Price stabilisation levy suspended
The Energy Sector Levies Act 2015 (Act 899) allows the National Petroleum Authority to stabilise petroleum products prices.
Source: UGC

The levy is charged for every litre of petroleum products and a kilogram of LPG.

Joy News cited a letter from the National Petroleum Authority to all the players in the oil marketing and distribution space in the country.

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The Energy Sector Levies Act 2015 (Act 899) allows the National Petroleum Authority to stabilise petroleum product prices for consumers over a certain period.

The tax was meant to cushion consumers of petroleum products when prices on the international market drop by keeping prices stable.

Though, fuel prices would be relatively stable in 2024 after earlier drops in 2024.

What would the impact of this be?

The levy sees a 16 pesewa charge on petrol per litre, 14 pesewas on diesel per litre and 14 pesewas on LPG per kilogram.

Given the steady rise of petroleum prices, this action is expected to slow down the margin of increase.

The government intends to insulate customers from paying for higher fuel prices at the pumps based on rising prices on the global market.

The Energy Sector Levies Act 2015 (Act 899) allows the National Petroleum Authority to use the levy to stabilise petroleum product prices for consumers over a certain period.

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Uber, Bolt car owners to pay new vehicle income tax

YEN.com.gh reported that the Ghana Revenue Authority issued a notification to ride-hailing vehicle owners regarding the implementation of a new tax policy.

Ride-hailing car owners on platforms like Uber must now pay a Vehicle Income Tax from January 1, 2024.

The Ghana Revenue Authority released a statement with guidelines for ride-hailing companies and users to adhere to.

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Source: YEN.com.gh

Authors:
Delali Adogla-Bessa avatar

Delali Adogla-Bessa (Current Affairs Editor) Delali Adogla-Bessa is a Current Affairs Editor with YEN.com.gh. Delali previously worked as a freelance journalist in Ghana and has over seven years of experience in media, primarily with Citi FM, Equal Times, Ubuntu Times. Delali also volunteers with the Ghana Institute of Language Literacy and Bible Translation, where he documents efforts to preserve local languages. He graduated from the University of Ghana in 2014 with a BA in Information Studies. Email: delali.adogla-bessa@yen.com.gh.

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