- The petroleum price stabilization and recovery levy will be suspended from April to June 2024
- Government instructs National Petroleum Authority to suspend implementation of Price Stabilization and Recovery Fee
- The Energy Sector Levy Act 2015 (Act 899) allows the National Petroleum Authority to stabilize the prices of petroleum products
The oil price stabilization and recovery levy is to be suspended from April to June 2024.
The government has instructed the National Petroleum Authority to suspend the implementation of the levy, Joy News reports.
Source: UGC
The levy is imposed for each liter of petroleum products and one kilogram of LPG.
Joy News reports letter from the National Petroleum Authority to all actors in the oil trading and distribution area in the country.
![](https://images.yen.com.gh/images/e5bb16b70c69bc3f.png?impolicy=cropped-image&imwidth=256)
![](https://images.yen.com.gh/images/e5bb16b70c69bc3f.png?impolicy=cropped-image&imwidth=256)
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The Energy Sector Levy Act 2015 (Act 899) allows the National Petroleum Authority to stabilize the prices of petroleum products for consumers for a certain period.
The tax was intended to cushion consumers of petroleum products when prices in the international market fall, keeping prices stable.
However, fuel prices will be relatively stable in 2024 after earlier declines in 2024.
What would be the impact of this?
The levy provides for a charge of 16 pesewas for petrol per litre, 14 pesewas for diesel per liter and 14 pesewas for LPG per kilo.
Given the steady rise in oil prices, this action is expected to slow the upside margin.
The government intends to insulate customers from paying for higher fuel prices at the pumps based on rising prices in the global market.
![](https://images.yen.com.gh/images/549706d6db9ef9b4.png?impolicy=cropped-image&imwidth=256)
![](https://images.yen.com.gh/images/549706d6db9ef9b4.png?impolicy=cropped-image&imwidth=256)
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The Energy Sector Levy Act 2015 (Act 899) allows the National Petroleum Authority to PSRL to stabilize the prices of petroleum products for consumers for a certain period.
Uber, Bolt car owners to pay new vehicle income tax
YEN.com.gh reported that the Ghana Revenue Authority has issued a notice to owners of passenger vehicle vehicles on the implementation of a new tax policy.
Car owners on platforms like Uber now have to pay Vehicle Income Tax from January 1, 2024.
The Ghana Revenue Authority has released a statement with guidelines for transport companies and users to follow.
Source: YEN.com.gh