Price Stabilization levy: Government reduces fuel prices

The directive comes following the implementation of the Price Stabilization and Recovery Levy Act to control recent price increases in petroleum products.

Petroleum consumers can now heave a sigh of relief following a directive by the National Petroleum Authority (NPA) to all Oil Marketing Companies and LPG Marketing Companies to review downwards prices of petroleum products.

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The directive comes following the implementation of the Price Stabilization and Recovery Levy Act to control recent price increases in petroleum products.

Per the latest directive, a litre of diesel which currently sells 10 pesewas will now be selling at 3 pesewas. Also, the price of LPG will also be revised by that same margin.

Petrol which is selling at a litre price12 pesewas will remain unchanged.

"All OMCs/LPGMCs are to note the above review of the PSRL and apply it in their price build up effective 1 December 2017,” a November 30 letter written by the NPA to all OMCs said.

In a statement, the Ministry of Energy said: “it is conscious of the harsh effects of the upward movement in the price as a result conditions in the international world market.”

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One of the purposes of the Act is to provide stability for consumers at the pumps in times of rising prices of petroleum products on the international market, hence the move, the Ministry explained.

The directive comes following the implementation of the Price Stabilization and Recovery Levy Act to control recent price increases in petroleum products. Read Full Story