NPA revises fuel prices downwards through Stabilization Levy
| Updated Dec 01, 2017 at 8:46pm
The National Petroleum Authority (NPA) has directed all Oil Marketing Companies, and LPG Marketing Companies to use revised prices in the Price Stabilization and Recovery Levy Act to control recent price increases in petroleum products.
This follows a directive from the Ministry of Energy, raising concerns about the recent fluctuations in the prices of petroleum products due to strong political and economic influence from oil producing countries across the world.
In line with the directive, the Authority has revised the cost of the levy which is one major component in the determination of petroleum prices.
By this, the Price Stabilization and Recovery Levy for petrol will remain at 12 pesewas per liter, while diesel and LPG are revised to 3 pesewas per liter from 10 pesewas per liter.
The Ministry explained that, 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.