Levy

The National Petroleum Authority (NPA) has rescinded its decision to suspend the Price Stabilization and Recovery Levy (PSRL) on petroleum product prices, Joy Business reports. On March 28, 2024, the NPA had announced the suspension of the PSRL on petroleum product price build-up until June 30, 2024, following a directive from the Finance Ministry in collaboration with the Energy Ministry. However, in a letter dated April 3, 2024, addressed to key players in the oil marketing and distribution sector, the NPA outlined the reinstatement of the levy, effective April 4, 2024. Under the directive, Oil Marketing Companies and other industry…