Govt to extend suspension of stabilization levy on petroleum products again

Government has revealed that it will extend the suspension of the price recovery and stabilization levy on the price of petroleum products for another month.

The new extension is expected to last till the end of February 2022.

Government’s decision to extend the policy comes on the back of projections that price of crude oil could be going up again from next month.

This is therefore to help reduce the price of fuel at the various pump stations should the price of crude oil increase further on the international market at the end of this month.

Crude oil is currently trading at around $80 per barrel, with projections that it could hit $90 per barrel from next month.

President Akufo-Addo, at the end of December 31, 2021, was asked to extend the freeze on fuel prices by extending the suspension of the stabilization levy by an additional month ending January 2022, this was based on request from the Ministries of Energy and Finance.

The move was to help reduce fuel prices by some 2 percent, as the suspension of the policy was to expire on December 31, 2021, which would have resulted in the prices going up at the pumps by more than 4 percent per liter for diesel and petrol from January 1, 2022.

The price stabilization levy charges 16 pesewas on petrol and 14 pesewas on diesel. However, freezing the application of these charges, even from next month will mean that these levies will not be applied on fuel from February 2022.

However, there are some concerns about the sustainability of this program based on the current projections that crude oil prices will still be going up.

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