Kwadwo Nsafoah Poku, an Energy Analyst and member of the New Patriotic Party (NPP), has suggested that the National Petroleum Authority (NPA) should remove the Price Stabilization and Recovery Levy.
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Starting from April 4, 2024, the NPA reinstated the Price Stabilization and Recovery Levy in the price structure for petroleum products, leading to price changes by some Oil Marketing Companies (OMCs).
The reason for this decision is unclear, but it will affect the prices of petroleum products for consumers, possibly resulting in higher transportation costs.
In an interview on The Big Issue on Citi TV with Selorm Adonoo, Mr. Poku voiced his opposition to the Ministry of Finance’s choice to reintroduce the Price Stabilization and Recovery Levy.
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“I felt it was very unfortunate when the Ministry of Finance in their wisdom thought that the Price Stabilisation and Recovery Levy has to be put back because of the reasons that was stated.
“I disagree with the Ministry of Finance on that because I think that price stabilisation levy is not a consolidated fund item.”
“It is money that goes to a separate port. It shouldn’t go to a consolidated fund and as a result, it shouldn’t affect the general calculation of government in terms of the IMF programme and all the things that the Ministry of Finance want to tell us.”
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