National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Act 2020

Amendment of section 37 of Principal Act

13. Section 37 of the Principal Act is amended—

(a) by the substitution of the following subsection for subsection (1):

“(1) For the purposes of—

(a) meeting expenses properly incurred, or likely to be so incurred, by the Agency and each designated subsidiary in performing functions under this Act, and

(b) contributing to the funding of the Climate Action Fund in accordance with this Act,

oil companies and oil consumers, shall, in accordance with this Part and the regulations under section 44 pay to the Agency in each month a levy on their relevant disposals of petroleum products in the preceding month.”,

and

(b) by the insertion of the following subsection after subsection (1):

“(1A) The rate of the levy shall be €0.02 per litre of relevant disposals of petroleum products.”.