Crude Oil

The National Petroleum Authority (NPA) has announced the restoration of the price stabilization and recovery levies (PSRL) on petrol, diesel, and LPG effective 1st February 2022.

In a statement dated 31st January 2022, the NPA stated that the restoration has become necessary to afford the sector financial muscle to subsidize the supply of petrol, diesel, and LPG.

“We hereby, wish to inform all Oil Marketing Companies (OMC) and LPG Marketing Companies (LPGMC) that effective 1st February 2022, the PSRL on petrol, diesel, and LPG have been fully restored,” the Chief Executive Office for NPA, Mustapha Hamid disclosed.

He continued, “all Oil Marketing Companies (OMCs) and Liquefied Petroleum Gas Companies (LPGMs) are to take note of the above and apply them in their PBU accordingly.”

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