The National Petroleum Authority (NPA) has been directed by the government to cease enforcing the Price Stabilization and Recovery Levy (PSRL) on the increase in petroleum product prices. The period of this suspension is April 1, 2024–June 30, 2024.
A letter from the NPA informed all parties involved in the oil marketing and distribution industry of this decision, as per a directive released by the Ministry of Finance in coordination with the Ministry of Energy.
This action is anticipated to temporarily halt the tax’s implementation. The levy is applied to each kilogram of LPG and each liter of petroleum product. As a result, consumers can experience a possible decrease in the price buildup of 16 pesewas for gasoline, 14 pesewas for diesel, and 14 pesewas for LPG per kilogram.
The decision was made in the middle of predictions that the price of petroleum products will rise starting on April 1, 2024, potentially raising the cost of fuel for drivers. The government hopes to protect consumers from having to absorb the full impact of rising costs on the international market by delaying the introduction of the PSRL.
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