Zeroing of Price Stabilisation and Recovery Levies to begin in November – NPA
The zeroing of Price Stabilisation and Recovery Levies (PSRL) is set to commence on November 1.
According to the National Petroleum Authority, this follows directives from the Finance Ministry to zero the Price Stabilisation and Recovery Levies (PSRL) for two months in the next pricing window.
The Authority has also been directed to continue the payment of subsidies on Premix Fuel and Residual Fuel Oil (RFO) from the excess funds of the Price Stabilisation and Recovery Account within the period in which the PSLRs are zeroed.
This is in fulfillment of the President’s directives after consultation with the NPA and Finance Ministry concerning steps to mitigate the rising cost of fuel due to rising global prices.
“Pursuant to the directives of the President, the Ministry of Finance has by letter dated 21st October 2021 instructed the NPA to implement the directives at the next Pricing Window which commences on 1st November 2021,” the NPA stated.