INSTEPR calls on Finance Minister to account for Ghs 1.2 billion accrued from PSR Levy
Energy think tank, the Institute for Energy Policies and Research (INSTPER), has called on the Minister for Finance, Ken Ofori-Atta, to as a matter of urgency account for the over Ghs 1.2 billion funds accrued from the Price Stabilisation and Recovery Levy (PSRL) imposed on the purchases of diesel, petrol and LPG since 2015.
INSTEPR in a press release noted the estimated total amount paid by Ghanaians as a result of PSRL to be Ghs 2.53 billion with some Ghs 1.3 billion used to subsidize premix and residual fuel oil.
According to INSTEPR, despite consumers paying for the PSRL charged on petroleum products, government has failed to activate the PSRL which is meant to cushion Ghanaian consumers from high fuel prices in difficult times.
“Government introduced the Price Stabilization and Recovery Levy under the Energy Sector Levies Act 899 in 2015 and the fundamental idea behind this levy is simple; ‘When international Petroleum prices are low, Ghanaians through this levy will pay an amount into an account and when prices are high this money put aside for a rainy day, will be used to stabilize prices.’
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“We have all been paying this levy since 2015 till date and from ACEP’s calculation, there should be about GHS 1,263,928,479.69 in that account for price stabilization. If there is ever a time Ghanaians wanted help from our government, I think now will be a good time. We are just about recovering from COVID-19 pandemic, prices of goods are very high because of high shipping cost, wages have not increased much, and the international petroleum prices is going up every day. Ghanaians are not asking the Finance Minister to borrow to help us, all we want is our ‘susu money’ to help us in these difficult times,” noted INSTEPR.
In addition to demanding for the Finance Minister to account for the funds, INSTEPR is further demanding for a plan from the Finance Ministry, Energy Ministry and the National Petroleum Authority (NPA) on how the Ghs 1.2 billion is going to be used to stabilize fuel prices in the country.
Read details of press release below:
Where is Our PSRL Money by Fuaad Dodoo on Scribd
