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Tag: fuel

  • Petrol to sell at GHS12.92, diesel at GHS13.10 from Nov 1 – COMAC predicts

    Petrol to sell at GHS12.92, diesel at GHS13.10 from Nov 1 – COMAC predicts

    The Chamber of Oil Marketing Companies (COMAC) has predicted a dip in petroleum prices at the pumps beginning November 1. According to its latest outlook report, petrol prices at the pumps will sell at GH¢12.92 per litre, representing a 5.21% decrease from the previous GH¢13.93.

    Diesel prices are projected to sell at GH¢13.10 per litre, down from GH¢14.56, reflecting a decline of between 6.03% and 8.13%. Meanwhile, Liquefied Petroleum Gas (LPG) is expected to sell at GH¢13.60 per kilogram, also decreasing by between 6.03% and 8.13%. In Septemebr, Petroleum product prices at the pumps are being adjusted by several major Oil Marketing Companies (OMCs). The price of petrol is now selling at GH¢12.90 per litre from GH¢12.88; a litre of diesel, which was sold for GH¢14.30, is now selling at GH¢13.90 at Goil fuel stations.

    At Shell fuel stations, a litre of petrol is selling at GH¢13.59 from GH¢12.89.  Market leader, Star Oil, is selling petrol at GH¢12.77 per litre and diesel at GH¢13.35. However, Star Oil has declared its intention not to change the prices of its fuel products until September 15.

    Meanwhile, market leader Star Oil says its prices will remain unchanged until September 15, 2025. Currently, Star Oil is selling petrol at GH¢12.77 per litre and diesel at GH¢13.35.The Chamber of Oil Marketing Companies (COAMC) had projected a decline in diesel and petrol prices, with Liquefied Petroleum Gas (LPG) expected to increase at the pumps on Saturday, August 16.

    According to a report by the Chamber of Oil Marketing Companies, petrol at the pumps will increase by between 0.39% and 2.71% per liter.

    On the other hand, diesel and LPG prices have been projected to increase by up to 0.15% to 2.34% per litre.

    “Following the slight dip in crude prices, diesel fell sharply by 5.22%, while petrol and LPG rose marginally by 1.89% and 2.87%, likely due to product-specific demand and supply factors.

    “For 1st August 2025 pricing window (based on average exchange rates from 27th July to 12th Aug), the Ghanaian cedi experienced a slight depreciation against the US dollar. The rate shifted from GHS 10.68 to GHS 10.77, reflecting a 0.87% decline,” part of the statement read.

    However, over the weekend, some major Oil Marketing Companies kept prices unchanged to stay competitive and attract customers.

    COMAC has attributed the adjustment to the depreciation of the local currency, the cedi, against major foreign currencies, especially the US dollar.

    Some Oil Marketing Companies (OMCs) in June, reduced prices of petroleum products at the pumps. Fuel prices have now dropped for the second time this week under the current pricing window for June.

    Leading the trend, Star Oil announced on June 19, 2025, that it had slashed its petrol price from GHS10.99 per litre to GHS10.80. Diesel prices at the same outlets have also been cut, moving from GHS12.77 to GHS12.13 per litre.

    Looking ahead, Allied Oil has indicated it will implement further reductions beginning June 20. Earlier this month, on June 16, Allied was selling petrol at GHS10.97 per litre, but the new price stands at GHS10.75.

    Joining the trend, Zen Petroleum has also reduced its petrol price to GHS10.75. Reports indicate that the reduction in petrol prices is being driven by heightened competition among major OMCs, sparking a price war in the sector.

    Introduced in 2015, the government’s Price Deregulation Policy aimed to encourage competition and help bring prices down, beyond global oil market dynamics.

    Meanwhile, some OMCs have hinted that pump prices could increase from July 1, 2025, if the conflict between Israel and Iran in the Middle East continues.

    Since tensions escalated in the region, crude oil prices have surged from $66 to about $76 per barrel.

    Despite this, some industry insiders argue that if the Ghanaian cedi strengthens further in the coming days, it could help absorb the projected 5 percent or more rise in crude prices.

    So far, petroleum prices have seen over six reductions this year, with industry data attributing much of the decline to the cedi’s appreciation.

    The escalating missile exchanges between Israel and Iran are contributing to rising global crude oil prices, posing a potential threat to Ghana’s fuel costs and overall economic stability.

    President John Dramani Mahama has directed the Ministers for Finance and Energy, Dr Cassiel Ato Forson and John Abdulai Jinapor, respectively, to closely monitor the unfolding conflict between Israel and Iran and provide proactive measures to safeguard the country’s recent economic gains from external shocks.

    However, the Chamber of Oil Marketing Companies (COMAC) has assured that the escalating geopolitical tensions between Iran and Israel will not affect the oil market.

    Speaking to the media, the Chief Executive Officer (CEO) of COMAC, Dr. Riverson Oppong, noted that when prices go up or down in the world market, it takes some time before those changes are seen in local prices.

    A week-old air war escalated with no sign yet of an exit strategy from either side as Israel bombed nuclear targets in Iran on Thursday and Iran fired missiles and drones at Israel after hitting an Israeli hospital overnight.

    The White House said President Trump would make a decision as to whether the United States will join the war or not in the next two weeks.

    “Based on the fact that there’s a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks,” Press Secretary Karoline Leavitt told reporters on Thursday.

    Government has launched new GHS1 Energy Sector Shortfall and Debt Repayment Levy on petroleum products.

    This move is to settle energy sector shortfalls, reduce legacy debts, and stabilize power supply across the country, following parliamentary approval.

    President John Dramani Mahama assented to the levy on June 5, under the Energy Sector Levies (Amendment) Act, 2025 (Act 1141). GRA had announced earlier implementation of the levy; however, it was postponed after strong opposition from oil marketing companies and transport operators.

    Initially set to take effect on Monday, June 9, it was rescheduled to start on Monday, June 16. It was then rescheduled again due to the tensions between Iran and Israel.

    According to Tariff Interpretation Order (TIO) No. 2025/003, issued by the GRA, the new levy affects several key fuel products. The levy on petrol (motor spirit, super) and diesel (gas oil) will rise from GHS0.95 and GHS0.93, respectively, to GHS1.95 and GHS1.93 per litre.

    Marine gas oil (local) will increase from 0.3 to 0.23, marine gas oil (foreign) from 0.93 to 1.93, and heavy fuel oil by 0.04. However, all cash-and-carry transactions where products are lifted on or after the effective date will attract the revised levies.

  • GRA implements GHS1 levy on fuel products today

    GRA implements GHS1 levy on fuel products today

    Government’s new GHS1 Energy Sector Shortfall and Debt Repayment Levy on petroleum products will be implemented by the Ghana Revenue Authority (GRA) today, Wednesday, July 16.

    This move is to settle energy sector shortfalls, reduce legacy debts, and stabilize power supply across the country, following parliamentary approval.

    President John Dramani Mahama assented to the levy on June 5, under the Energy Sector Levies (Amendment) Act, 2025 (Act 1141). GRA had announced earlier implementation of the levy; however, it was postponed after strong opposition from oil marketing companies and transport operators.


    Initially set to take effect on Monday, June 9, it was rescheduled to start on Monday, June 16. It was then rescheduled again due to the tensions between Iran and Israel.


    According to Tariff Interpretation Order (TIO) No. 2025/003, issued by the GRA, the new levy affects several key fuel products. The levy on petrol (motor spirit, super) and diesel (gas oil) will rise from GHS0.95 and GHS0.93, respectively, to GHS1.95 and GHS1.93 per litre.


    Marine gas oil (local) will increase from 0.3 to 0.23, marine gas oil (foreign) from 0.93 to 1.93, and heavy fuel oil by 0.04. However, all cash-and-carry transactions where products are lifted on or after the effective date will attract the revised levies.


    Chief Executive Officer of the Association of Oil Marketing Companies (AOMCs), Dr. Riverson Oppong Peprah, has warned that the implementation of the levy could drive fuel prices higher, adding further strain on consumers and the downstream sector.


    “When fuel prices began to fall, it wasn’t because the cedi gained stability; rather, it was due to a drop in plant prices caused by the decline in West Texas Intermediate (WTI) crude oil prices. Only after that did the cedi stabilise and support the downward trend.”

    “As we speak today, plant prices are already rising again. So, I urge the government to reconsider this levy since there are other options,” he counselled.


    Also, Executive Director of the Centre for Environment and Sustainable Energy Benjamin Nsiah has raised similar concerns, calling the introduction of the levy “unfair.”


    “This approach is not only tired but unfair,” Nsiah said. “We’ve seen this playbook before. The Energy Sector Levies Act (ESLA), and the Energy Sector Recovery Levy have provided a lasting solution to the underlying issues. It’s not about collecting more. It’s about managing what’s already collected.”


    The Coalition of Commercial Transport Operators has described the levy as “reckless and retrogressive,” intended to derail their business.


    Speaking to the media on Monday, July 14, the chairman of the Ghana Committed Drivers Association, Charles Danso, revealed the association’s plans of sharing the cost of the tax between drivers and commuters.

    As such, transport fares will be increased by 30% should the government proceed with its GH¢1.00 per litre fuel levy.


    “This is not just a GH¢1 tax. We are already paying a 17.2% tax component on electricity, which includes drivers. Now the government wants to impose another levy on fuel—it’s unbearable.


    “If the government refuses to listen to us, we will have no option but to pass the cost onto commuters by increasing fares by 30%,” he said.


    Meanwhile, the Chamber of Oil Marketing Companies (COMAC) has hinted that fuel prices are likely to increase regardless of the GHC1 tax.


    Engaging the media, Chief Executive Officer (CEO) of COMAC, Dr. Riverson Oppong, on Tuesday, July 15, noted that the next pricing window will see petrol and diesel prices rise by 8% to 10%.

  • We will increase fares by 30% to cover GHC1 levy on fuel – Transport operators

    We will increase fares by 30% to cover GHC1 levy on fuel – Transport operators

    The Coalition of Commercial Transport Operators has threatened to increase transport fares by 30% should the government proceed with its GH¢1.00 per litre fuel levy.

    The implementation of the new GHS1 Energy Sector Shortfall and Debt Repayment Levy on petroleum products commences on Wednesday, July 16.

    Speaking to the media on Monday, July 14, the Chairman of the Ghana Committed Drivers Association, Charles Danso, emphasized that the fare increase will take effect on Wednesday, July 16.

    According to him, this will ensure that the cost of the tax is distributed between drivers and commuters.

    The association has described the levy as “reckless and retrogressive,” intended to derail their business.

    “This is not just a GH¢1 tax. We are already paying a 17.2% tax component on electricity, which includes drivers. Now the government wants to impose another levy on fuel—it’s unbearable.

    “If the government refuses to listen to us, we will have no option but to pass the cost onto commuters by increasing fares by 30%,” he said.

    Meanwhile, the Ghana Revenue Authority (GRA)has directed all petroleum sector stakeholders to comply strictly with the new rates.

    This move comes under the Energy Sector Levies (Amendment) Act, 2025 (Act 1141), which was assented to by President John Dramani Mahama on June 5 to settle energy sector shortfalls, reduce legacy debts, and stabilize power supply across the country, following parliamentary approval.

    GRA had announced earlier implementation of the levy; however, it was postponed after strong opposition from oil marketing companies.

    Initially set to take effect on Monday, June 9, it was rescheduled to start on Monday, June 16. It was then rescheduled again due to the tensions between Iran and Israel.

    According to Tariff Interpretation Order (TIO) No. 2025/003, issued by the GRA, the new levy affects several key fuel products.

    The levy on petrol (motor spirit, super) and diesel (gas oil) will rise from GHS0.95 and GHS0.93 respectively, to GHS1.95 and GHS1.93 per litre.

    Marine gas oil (local) will increase from 0.3 to 0.23, Marine gas oil(foreign) from 0.93 to 1.93, and heavy fuel oil 0.04.

    Petroleum products lifted before June 9, 2025, will be charged the old levy rates.

    However, all cash-and-carry transactions where products are lifted on or after the effective date will attract the revised levies.

    The government insists the levy is crucial for the financial recovery of Ghana’s energy sector. President John Mahama, while speaking at the presentation of the final report of the National Economic Dialogue 2025 on June 4, announced the government’s decision to clear the accumulated legacy debts in the power sector with part of the revenue generated by the yet-to-be-implemented levy.

    He stated that “initially much of this revenue will go to the purchasing of fuel to ensure stable power of electricity.”

    The government will also reduce the use of liquid fuel in the energy mix as it expects more gas from the ENI, Sankofa, Jubilee and TEN fields, as well as the West African Gas Pipeline.

    “At that stage, the resources generated by this increased levy will be channeled to pay accumulated legacy debts in the power sector,” he added.

    He assured Ghanaians that funds generated from the newly approved GHC1 fuel levy will undergo regular audits. He explained the move is to ensure accountability and transparency.

    “Funds from this levy will not be subject to the hazards of the Consolidated Fund. The fund will be regularly audited and audit reports made public to ensure its transparent use.”

    Energy and Green Transition Minister, John Abdulai Jinapor, has defended government’s move despite opposition from some stakeholders in the energy sector.

    He noted that the timing of the introduction of the levy is apt as the cedi continues to appreciate against major trading currencies.

    The minister projects to generate revenue ranging between GH¢5 billion and GH¢6 billion to support the procurement of liquid fuel.

    “Fuel was around GH¢16.00, and a sensitive government will not slap a tax when fuel is GH¢16.00. You couldn’t have imposed that tax around that time when fuel was still very high, and so you needed to work to bring fuel down to this level and share the gain with Ghanaians. At that time, if we had increased it, you can imagine the impact on Ghanaians, but today, the net effect is that you are still having a reduction of GH¢3.00 on a litre of fuel,” he explained.

    “It is better to do it today than to (have done) it yesterday, when it would have eroded your income; today, your purchasing power has increased because of the reduction of the value of the dollar,” he said while speaking on JoyFM.

    Some stakeholders in the energy sector have expressed their displeasure over the approval of the Energy Sector Levy (Amendment) Bill, 2025, by Parliament and its pending implementation.

    On the matter, Chief Executive Officer of the Association of Oil Marketing Companies (AOMCs), Dr Riverson Oppong Peprah, warned that the implementation of the levy could drive fuel prices higher, adding further strain on consumers and the downstream sector.

    “When fuel prices began to fall, it wasn’t because the cedi gained stability; rather, it was due to a drop in plant prices caused by the decline in West Texas Intermediate (WTI) crude oil prices. Only after that did the cedi stabilise and support the downward trend.”

    “As we speak today, plant prices are already rising again. So, I urge the government to reconsider this levy since there are other options,” he counselled.

    Also, Executive Director of the Centre for Environment and Sustainable Energy Benjamin Nsiah has raised similar concerns, calling the introduction of the levy “unfair.”

    “This approach is not only tired but unfair,” Nsiah said. “We’ve seen this playbook before. The Energy Sector Levies Act (ESLA), and the Energy Sector Recovery Levy have provided a lasting solution to the underlying issues. It’s not about collecting more. It’s about managing what’s already collected.”

  • GRPTU opposes Interior Minister’s levy on fuel to support GNFS operations

    GRPTU opposes Interior Minister’s levy on fuel to support GNFS operations

    The Ghana Private Road Transport Union (GPRTU) has rejected a proposal by Interior Minister and Member of Parliament for Asawase, Muntaka Mubarak, to introduce a fuel levy aimed at equipping the Ghana National Fire Service (GNFS).

    Muntaka Mubarak suggested that a 10-pesewa levy per litre of fuel be dedicated solely to firefighting efforts, following widespread criticism of the government’s response to the recent Adum fire disaster in Kumasi.

    “All of us also need to make a contribution, and the way to do that, in my view, is by dedicating just 10 pesewas per litre of fuel solely for fire,” he stated.

    He further revealed that Ghana’s fire service is operating with outdated equipment, noting that the last procurement of new fire tenders was over a decade ago.

    “When I went to the Ministry for Interior, I realised that the newest tender that we have was procured in 2014. That is more than 10 years,” he said.

    However, GPRTU’s Industrial Relations Officer, Abass Imoro, firmly opposed the tax, warning that it would increase the financial burden on transport operators and commuters.

    “We are even expecting a further reduction in fuel prices, which will put us in a better position, but now they want to add 10 pesewas or more per litre? I don’t think any professional driver will welcome that,” he argued. “We plead for a second thought on this.”

    The proposal comes in the wake of a devastating fire at Adum Market’s Blue Light Arena, which raged for two days before being fully extinguished. Affected traders blamed the GNFS for its delayed and ineffective response, claiming that water shortages worsened the situation.

    Ashanti Regional Minister Dr. Frank Amoakohene also condemned the GNFS for its handling of the crisis. In a widely circulated video, he was seen scolding officers for their perceived inaction and failure to disclose that some fire tenders lacked water.

    In response, GNFS Public Relations Officer Alex King Nartey defended the service, stating that the real issue was the lack of government investment. He revealed that Ghana has not received a new set of fire tenders in 15 years, despite international standards recommending a replacement cycle every five years.

    Prior to becoming substantive Minister of Interior, Muntaka Mubarak promised to prioritize retooling the GNFS as part of President John Dramani Mahama’s vision for national security. He cited the government’s manifesto, which outlines plans to provide modern equipment for the GNFS to enhance their operational capabilities.

    “By the grace of God, together with His Excellency, we will ensure that the Ghana National Fire Service is retooled to meet the needs of the country. This is clearly stated in our manifesto on page 186. They need the necessary tools to protect us when the need arises,” he said.

    Meanwhile, Local Government Minister Ahmed Ibrahim has proposed a separate Sanitation Fund and Levy to tackle Ghana’s worsening waste management crisis, arguing that a dedicated tax would help improve sanitation services nationwide.

  • Transport fares will be reduced if fuel prices drop to GHC12 per litre – GPRTU

    Transport fares will be reduced if fuel prices drop to GHC12 per litre – GPRTU

    The Ghana Private Road Transport Union (GPRTU) has assured commuters that transport fares will be reduced if fuel prices drop to GHC12 per litre.

    Speaking on Joy News’ PM Express on Tuesday, March 18, Deputy Public Relations Officer of the GPRTU, Samuel Amoah, addressed public concerns about the recent dip in fuel prices and why it has not yet led to a fare reduction.

    “Before December, we were already considering increasing transport fares due to the high cost of spare parts, rising fuel prices, expensive lubricants, insurance, and DVLA taxes,” Amoah explained. “But we decided to hold on because we had been promised that things would get better.”

    While acknowledging the recent fuel price reduction, he emphasized that it is not yet significant enough to warrant an adjustment in fares.

    “Yes, we have seen the fuel price coming down a little bit, but it has not gotten to the level where it will call for a reduction in transport fares,” he stated.

    According to Mr. Amoah, fare adjustments depend on several economic factors, not just fuel prices.

    “We normally have a 10% threshold that we check on. We assess where the fuel price was and where it has gotten to, but we also consider other components like spare parts, lubricants, and various taxes,” he noted. “When deciding to either increase or reduce fares, our team goes to the market to assess these factors before making recommendations.”

    He recalled the last time transport fares were increased and the fuel price at the time.

    “If we check the previous time we increased transport fares, fuel prices were around GHC12 per litre, if I’m not mistaken. Now, diesel is about GHC15.49, and petrol is around GHC14.99,” he pointed out. “We are praying that fuel prices drop to at least GHC12 per litre. If that happens, we will reassess the situation.”

    However, he cautioned that even if fuel prices decline, the high cost of spare parts remains a significant concern.

    “Looking at where spare parts prices are now, it will be difficult for us to reduce transport fares immediately,” he added.

  • Petrol, diesel selling at GHS15.49 after 9.0% drop in prices

    Petrol, diesel selling at GHS15.49 after 9.0% drop in prices

    Fuel prices at the pumps have dropped slightly for the third consecutive time, offering some relief to consumers.

    The latest reduction took effect two days into the second pricing window for March.

    Leading the adjustment, Total Energies has lowered the cost of petrol and diesel from GHS15.79 per liter in the first pricing window to GHS15.49 per liter in the second.

    This marks the third successive decrease, extending a trend that began in late February.

    Industry analysts link the reduction to declining crude oil prices on the global market and the relative steadiness of the Ghanaian cedi against the US dollar.

    With this price drop, other oil marketing firms are likely to follow suit in the coming days.

    The Chamber of Oil Marketing Companies (COMC) had earlier projected a possible decrease in fuel prices, citing falling crude oil prices as the main factor.

    Data from the Chamber indicates that the price of crude oil has fallen by 4.16%, declining from $75.49 per barrel to $71.94 per barrel.

    Analysts attribute this decline to rising trade tensions under US President Donald Trump’s administration, which have sparked concerns over global economic growth and energy demand.

  • Public transport fares go up by 20% due to fuel price hikes

    Public transport fares go up by 20% due to fuel price hikes

    Transport fares in Ghana are set to increase by 20 percent starting Monday, March 17, according to an announcement by the Alliance of Drivers Ghana.

    The decision comes in response to rising fuel prices, increasing costs of engine oil, and the soaring prices of vehicle spare parts.

    Kwaku Boateng, the group’s National Public Relations Officer, explained in an interview with the media that drivers have been struggling with mounting operational costs for months.

    He urged commuters to understand the financial strain on the transport sector, emphasizing that the fare adjustment was unavoidable.

    Boateng also criticized the 2025 budget, stating that it failed to address tariff reductions for drivers despite a lengthy presentation by the Finance Minister.

    “The 2025 budget came, and we heard nothing about tariff reductions, yet the Finance Minister stood and spoke the whole day.

    “We are going to increase our fares by 20 percent, and we are pleading with our passengers to bear with us because the price of engine oil and spare parts have all gone up.”

    Ghana’s transport sector has been facing severe economic challenges, with persistent fuel price hikes and increasing maintenance costs affecting both drivers and commuters.

    The combination of inflation, currency depreciation, and rising expenses has made it difficult for transport operators to sustain their businesses without adjusting fares.

    Although transport unions and driver associations have repeatedly called on the government to introduce policies that alleviate the financial burden on commercial drivers, Boateng expressed frustration that these appeals have not been met with any significant response.

  • OMCs blame gold-for-oil policy for looming fuel shortage

    OMCs blame gold-for-oil policy for looming fuel shortage

    The Chamber of Oil Marketing Companies (OMCs) has sounded the alarm over a possible fuel shortage in the coming days, attributing the looming crisis to the suspension of the gold-for-oil policy and halted refining activities at Sentuo Oil.

    Dr. Riverson Oppong, Chief Executive Officer of the Chamber, has called on the government to take immediate action to prevent the anticipated shortage.

    “When the gold-for-oil started, it peaked and when it peaked, we in the petroleum sector saw this coming. Anytime you are drawing a graph and there is a peak, there is a fall and we warned the government but it won’t listen.

    “And when the supply was cut to an extent and when the Sentuo Oil refinery also ceased to produce, or let’s say, process, we anticipated a loss. Today, the fuel shortage we find in the market has to do with the PMS. BDC’s ceased to import because there was gold-for-oil,” he explained.

    The gold-for-oil (G4O) policy, introduced in 2022 by former Vice President Dr. Mahamudu Bawumia, aimed to stabilize Ghana’s fuel supply and reduce pressure on the cedi. Under the policy, Ghana exchanged gold for imported petroleum products, seeking to minimize dollar dependency, control fuel prices, and manage balance of payment issues.

    By March 2023, the Precious Minerals Marketing Company (PMMC) had purchased over 60,000 ounces of gold valued at more than $97 million from local miners. The goal, however, was to secure at least 160,000 ounces worth around $300 million monthly, an amount expected to cover half of the nation’s monthly oil demand.

    However, the program’s sustainability has come under scrutiny. Former President John Dramani Mahama has vowed to probe the policy if elected president. Speaking at the 3rd Annual Transformational Dialogue on Small-scale Mining at the University of Energy and Natural Resources (UENR) in Sunyani, Mahama questioned the transparency of the deal.

    “We will investigate the opaque gold-for-oil programme and expose the actors benefiting from this so-called barter agreement. Reports reaching me suggest that a new debt burden is being created because Ghana has not been able to keep up with its delivery of gold under the programme,” Mahama said.

    The OMCs have called for clearer policy direction and better coordination between government and industry players to avert fuel supply disruptions.

  • Stakeholders warn of looming ‘dumsor’ over fuel shortage

    Stakeholders warn of looming ‘dumsor’ over fuel shortage

    Stakeholders are raising alarms over an imminent power crisis, commonly referred to as ‘dumsor,’ due to a severe fuel shortage threatening the stability of Ghana’s electricity supply.

    John Jinapor, Member of Parliament for Yapei Kusawgu, disclosed the critical situation after President John Dramani Mahama’s inauguration in Accra on January 7. Jinapor warned that the country’s fuel stock had dwindled dangerously, with only five hours of fuel remaining.

    “I have bad news for you, the confirmation we are getting is that we have only five hours of fuel stock. If you look at heavy fuel oil and diesel fuel, we don’t have up to two days, and so in two days’ time, we are likely to run out of fuel,” Jinapor stated.

    He criticized the outgoing administration for failing to secure adequate fuel supplies, leaving the incoming government vulnerable. “This administration has not ordered any fuel as we speak, and it takes on average four weeks for the fuel to arrive and four weeks for the fuel to be treated, and so we are in a very serious situation,” he said in an interview with Joy News.

    Jinapor further revealed that during the transition, assurances were made that fuel parcels had been secured, but checks proved otherwise. “Today, right after President Mahama assumed office and I served on the transition, my checks indicate that we do not have fuel that can cater for even two days, and so clearly we have a major, major problem,” he emphasized.

    He warned that even if fuel were ordered immediately, it would take approximately eight weeks to arrive and be processed, resulting in prolonged power outages. “We are in for real trouble,” he concluded, urging immediate action to mitigate the looming crisis.

    https://twitter.com/Joy997FM/status/1876912048275108341

    The Institute for Energy Security (IES) has also issued a stark warning, urging the Mahama administration to take swift measures. Nana Amoasi VII, Executive Director of the IES, underscored the fragile state of Ghana’s power sector, attributing the crisis to systemic inefficiencies and poor planning.

    “It is not something that we were not expecting. Being watchers of the space, we knew very well that we had a very fragile power sector stemming from systemic inefficiencies, including poor planning,” Nana Amoasi VII said during an interview on Citi FM’s Eyewitness News.

    He highlighted the country’s heavy reliance on natural gas without sufficient backup fuel stock, leaving the nation vulnerable. “Today we are more reliant on natural gas, but thank God almost all the plants that we have in Ghana, excluding the hydro ones and the solar, all of them can run on liquid fuel as well. But we knew that we don’t have any backup or any stock of liquid fuel in adequate form, so we knew that at a certain point in time we could be exposed,” he explained.

    Expressing disappointment, Nana Amoasi VII noted the absence of fuel procurement during the transition. “Unfortunately, we were expecting that as part of the transition arrangement, some form of procurement or lifting would have been made to ensure that there is no gap left within the space, but our checks indicate that we don’t have enough liquid fuel to give us that reliance and assurance that we won’t have any shock in power supply,” he added.

    He appealed to the current administration to act urgently, stating, “So we will appeal to the men in charge today to get back to work and start work as soon as possible. Either than that, we are largely exposed.”

  • Star Oil commemorates 25th anniversary

    Star Oil commemorates 25th anniversary

    Star Oil, a privately-run fuel retail company, has reaffirmed its dedication to innovation and resilience, assuring stakeholders of its ability to adapt to the ever-changing dynamics of the oil market while maintaining a competitive edge.

    To commemorate its milestones, the company organized its 25th Anniversary Thanksgiving and Christmas Service on Friday, December 20, at the Covenant Family Community Church in Cantonments.

    The event showcased key accomplishments, such as increasing its retail presence, growing its workforce, improving employee benefits, leveraging advanced technology, and launching its ‘RON 95 fuel’ product.

    The company also highlighted its enhanced contributions to community-focused initiatives.

    Addressing industry challenges, CEO Philip Tieku acknowledged the evolving global focus on renewable energy.

    “Star Oil like all the other players in the industry are confronted with the same micro-economic challenges, inflation, and exchange rate volatilities that every player in the oil industry is faced with. So with proper planning and monitoring of the world market, we are able to make certain predictions, you may not always get it right but you are armed with the right data and you will be able to make a lot of choices.”

    “We also know that fuels are in transition and every company is looking at cleaner energy sources, so as a company the most important thing is to remain profitable so that we can begin to invest our profit into cleaner energy for the future.”

    He affirmed the company’s intention to invest in sustainable energy solutions to stay ahead of emerging trends in the sector.

  • Fuel pump tampering claims being probed by Goil

    Fuel pump tampering claims being probed by Goil

    Goil Plc has launched an investigation into allegations of fuel pump tampering at its Atimpoku branch in the Eastern Region. The investigation follows the circulation of a viral video on social media, which has sparked public concern over the integrity of fuel dispensing at the station.

    The video, shared by journalist Okatakyie Afrifa-Mensah, claims that attendants at the Goil service station in Atimpoku were deliberately shortchanging customers by dispensing far less fuel than what was paid for. According to Afrifa-Mensah, the fuel pumps had been manipulated to give customers less fuel than indicated on the dispenser.

    To support his claims, Afrifa-Mensah requested 10 litres of fuel to be pumped into a calibrated container. Upon inspection, he observed that the fuel level was far below the expected 10-litre mark.

    “If you buy 10 litres of fuel, this is where it should get to. But look at where the 10-litre mark on the board reached—it’s theft on a massive scale,” he stated. He further added, “This isn’t even 5 litres. If you buy fuel worth GH¢1,000, they’re actually giving you less than GH¢500 worth of fuel.”

    In response, Goil Plc expressed strong disapproval of such practices and reaffirmed its commitment to transparency and maintaining high standards of service. The company released a statement on Monday, October 14, emphasizing that it takes the allegations seriously and has initiated a thorough investigation to uncover the facts.

    “The attention of Goil Plc has been drawn to an alleged fuel pump tampering at the Atimpoku Goil Service Station circulating on social media platforms,” the statement read. “The company frowns upon such practices. We therefore take such allegations seriously and have launched a thorough investigation into the matter.”

    Goil assured the public that it remains committed to ensuring the reliability of its services and maintaining customer trust. The company is expected to provide updates as the investigation progresses.

  • GOIL fuel attendants allegedly selling less than GHS500 worth of fuel for GHS1K

    GOIL fuel attendants allegedly selling less than GHS500 worth of fuel for GHS1K

    Journalist Okatakyie Afrifa-Mensah has exposed what appears to be a fuel pump tampering scheme at a GOIL filling station in Atimpoku, Eastern Region, accusing attendants of shortchanging customers by dispensing far less fuel than they pay for.

    According to Okatakyie, the station’s attendants have manipulated the fuel pumps to give customers significantly less fuel than what is shown on the dispenser.

    To demonstrate this, he asked an attendant to pump 10 litres of fuel into a calibrated container.

    After examining the container, Okatakyie pointed out that the fuel level was much lower than what 10 litres should be.

    “If you buy 10 litres of fuel, this is where it should get to. But look at where the 10-litre mark on the board reached—it’s theft on a massive scale,” he claimed.

    He further added, “This isn’t even 5 litres. If you buy fuel worth GH¢1,000, they’re actually giving you less than GH¢500 worth of fuel.”

  • Fuel prices to record 4% reduction – COPEC projects

    Fuel prices to record 4% reduction – COPEC projects

    The Chamber of Petroleum Consumers (COPEC) has projected a reduction in fuel prices starting Monday, 16 September 2024, in the upcoming pricing window.

    The anticipated decrease, estimated to be around 4% across petrol, diesel, and LPG, comes as a welcome relief to consumers amid ongoing global volatility in petroleum prices.

    In a statement signed by Duncan Amoah, the Executive Secretary of COPEC, the organization pointed out that, barring any significant changes in global Free on Board (FOB) petroleum prices, the downward trend in retail prices should benefit consumers.

    “Indications across the downstream petroleum market are that the pump retail prices of Petrol, Diesel, and LPG are to go down to the benefit of consumers come the next window beginning 16 September 2024,” the statement read.

    COPEC’s forecast suggests that the mean retail price of petrol is expected to drop to GH¢12.956 per litre, while diesel prices are likely to fall to GH¢13.642 per litre. Liquefied Petroleum Gas (LPG) is also projected to decrease to GH¢15.345 per kilogram. These changes are attributed to a dip in international petroleum product prices, with crude oil reaching its lowest levels this year.

    In addition to projecting price cuts, COPEC called for government intervention to further reduce taxes on fuel products, particularly LPG. The organization emphasized that lowering the cost of LPG would enhance its accessibility, promote its usage, and reduce deforestation caused by firewood use. COPEC also urged the government to revive the Tema Oil Refinery (TOR) to reduce the country’s dependence on imported refined fuel products and avoid issues like fuel contamination.

    The projected reductions offer some optimism for consumers facing the challenges of fluctuating fuel prices and broader economic concerns.

  • Quality of fuel top-most priority for Ghanaian consumers – COPEC

    Quality of fuel top-most priority for Ghanaian consumers – COPEC

    The Chamber of Petroleum Consumers (COPEC) Ghana has revealed that the quality of petroleum products remains the top priority for consumers in the Ghanaian market.

    This preference for high-quality fuel surpasses other considerations such as pricing and quantity, underscoring the importance consumers place on fuel that ensures the longevity and performance of their vehicles.

    The recent surge in market performance by the indigenous oil marketing company, Star Oil, highlights this trend. Star Oil has risen to become the second-largest seller of petroleum products by volume, surpassing industry giants like TotalEnergies and Shell, with only GOIL maintaining a higher market share.

    Star Oil’s success has been largely attributed to its competitive pricing, but COPEC’s Executive Secretary, Duncan Amoah, emphasized that quality is the primary factor driving consumer choice.

    “The number one concern as far as the consumer preference is concerned is always about the right quality. When you move from the right quality parameter, they will now look at the right price, and the third most essential is the right quantity,” Amoah explained during an interview with Joy Business. He further noted that even when other oil marketing companies (OMCs) offer lower prices, many consumers prefer brands like Star Oil and GOIL due to the assurance of quality, which protects their engines from potential damage.

    Amoah described Star Oil’s rise as a positive development for the industry, as it fosters competition that ultimately benefits consumers. He also advised OMCs to prioritize fuel quality to maintain and strengthen their market positions.

  • Some OMCs selling a litre of petrol for GHc14.16

    Some OMCs selling a litre of petrol for GHc14.16

    Several oil marketing companies (OMCs) have started lowering the prices of petroleum products at their pumps, effective today, September 2, 2024.

    Market analysts attribute the recent price reductions to a combination of factors, including the slowing depreciation of the Ghanaian cedi against the US dollar over the past two weeks, as well as a continuous decline in crude oil prices on the international market.

    Crude oil prices have dropped from $82 per barrel last week to $76 per barrel as of September 2, 2024. Some analysts believe that if this trend continues and the cedi remains relatively stable against the dollar, consumers could see further price reductions at the pumps in the near future.

    Among them, market leader GOIL is now selling a litre of petrol at GH₵14.16, reflecting a 6 pesewas decrease per litre and a 0.42% reduction in the price of petrol.

    GOIL has also reduced the price of diesel, which is now selling for GH₵14.70 per litre, down from GH₵14.90. This 20-pesewa decrease represents a 1.34% reduction in the price of diesel.

    Star Oil, the second-largest oil marketing firm based on half-year industry data, has followed suit by reducing its prices. The company is now offering petrol at GH₵13.65 per litre, marking a 10 pesewas reduction and a 0.73% decrease from its previous price. Diesel prices at Star Oil have also been lowered to GH₵13.85 per litre, down from GH₵14.02.

    In addition, Star Oil is running promotions at select stations nationwide, where petrol is available at an even lower price of GH₵13.31 per litre, and diesel at GH₵13.57 per litre.

    Energy analyst Dr. Yusif Suleman, in a recent interview with Joy Business, commented on the ongoing competition among OMCs, noting that consumers are becoming increasingly price-sensitive. He suggested that GOIL and Star Oil are likely using price adjustments as a strategy to maintain their market share.

  • Fuel prices to remain stable for next 2 weeks – IES predicts

    Fuel prices to remain stable for next 2 weeks – IES predicts

    The Institute for Energy Security (IES) has forecasted that petrol and diesel prices are likely to remain stable over the next two weeks, offering some relief to consumers amid recent economic fluctuations.

    However, Liquified Petroleum Gas (LPG) may see a slight increase in price, with a projected adjustment of around 2% in the coming days.

    The IES’s projection is based on a combination of factors, including the recent depreciation of the Ghanaian cedi and a marginal decline in the global prices of liquid fuels. According to the institute, the prices of gasoline and gasoil on the world market have dropped by 1.95% and 1.02%, respectively. In contrast, LPG has seen its price rise for the second consecutive pricing window, with an increase of 2.88% recorded.

    “Following the marginal decline in the price of liquid fuels on the world fuels market for gasoline (-1.95%) and gasoil (-1.02%), the price of Liquefied Petroleum Gas (LPG) has recorded its second consecutive increase in the past two pricing windows, presently rising by 2.88%,” the IES stated. The institute also noted the ongoing depreciation of the cedi against the U.S. dollar, which stood at 0.47% at the close of the trading window.

    Global Fuel Market Trends

    An analysis of the global Standard & Poor’s (S&P) Platts data, which tracks petroleum product prices on the world fuel market, reveals a continued decline in the prices of petrol and diesel during the second pricing window of August 2024. Conversely, LPG prices have experienced an upward trend during the same period.

    Data from the second pricing window of August 2024 shows that petrol was priced at $779.10 per metric tonne, diesel at $712.88 per metric tonne, and LPG at $559.95 per metric tonne. These figures reflect a 2.88% increase in LPG prices, while petrol and diesel prices declined by 1.95% and 1.02%, respectively.

    Local Fuel Market Performance

    On the local front, the second pricing window of August 2024 saw Oil Marketing Companies (OMCs) slightly reducing the price of liquid fuels. The price per litre of gasoline and gasoil dropped by an average of GH₵0.10, according to data compiled from OMCs operating in the local market.

    The IES’s analysis of national average prices for the first pricing window of August 2024 indicated that petrol and diesel were sold at GH₵13.91 and GH₵14.40 per litre, respectively, while LPG was priced at GH₵15.10 per kilogram.

    With the IES predicting stability in petrol and diesel prices and only a slight uptick in LPG costs, consumers can expect some consistency at the pump in the coming weeks, despite broader economic challenges.

  • Cedi’s stability will influence us to reduce prices of fuel – Petrosol CEO

    Cedi’s stability will influence us to reduce prices of fuel – Petrosol CEO

    Some Oil Market Companies (OMCs) say they will reduce the prices of fuel at the pumps if the cedi continues to show signs of stability.

    This comes after the Institute for Energy Security projected stability in the prices of petroleum products in the second-pricing window of August due to the combined effects of the slowed depreciation of the local currency and the international market activities.

    Speaking to Joy Business at the 10th Anniversary of Petrosol Platinum Energy Limited, Chief Executive Officer, Michael Bozumbil dispelled claims of OMCs shortchanging consumers.

    “Anytime we assess the numbers and we see we can give discounts to consumers, we readily do that. When the cedi is stable we are always ready to reduce the price and Petrosol is always doing that”, he said.

    Addressing the ongoing dispute between the Liquefied Petroleum Gas Marketers Association and the National Petroleum Authority regarding the implementation of the Cylinder Recirculation Model, Mr. Bozumbil stated that the market would remain unaffected.

    He mentioned that the NPA has assured collaboration with all stakeholders in the sector on the Cylinder Recirculation Model.

    “I don’t think this will be blown out of proportion. The NPA has assured to resolve all issues confronting the sector. We know it’s not easy just as when we started, we had limited financial resources but with a strong network and reputation within the industry, we can leverage to grow. We aim to build a brand that exemplifies excellence in the oil and gas industry, despite the daunting challenges ahead”, he said.

    Crude oil prices continue to decline in the international market.

  • Some OMCs reduce fuel prices; petrol sold at GHC14.22

    Some OMCs reduce fuel prices; petrol sold at GHC14.22

    Several Oil Marketing Companies (OMCs) have begun lowering petroleum prices at the pumps.

    Market leader GOIL is now offering a litre of petrol at ₵14.22, which reflects a 1.38 percent decrease from the price two weeks ago.

    The price of diesel has also decreased, now at ₵14.90 per litre, down by ₵0.90.

    Consumers are eagerly anticipating further reductions in prices from the over 100 OMCs.

    Reasons for the Price Reviews

    According to some market analysts who spoke to JOYBUSINESS, the recent price reductions may be attributed to the cedi’s ongoing recovery over the past few months.

    The cedi’s depreciation rate against the dollar has eased from 7 percent in May to just 1 percent in July, and the decline has slowed further in the first two weeks of August.

    These changes are believed to be significant factors in the recent adjustments in pump prices.

    Analysts suggest that if this trend continues, there could be additional price decreases in the upcoming pricing window.

    Additionally, crude oil prices have remained relatively stable on the international market despite geopolitical tensions in the Middle East.

  • Fuel prices decrease by 2% as petrol sells at GHS14.2 per litre

    Fuel prices decrease by 2% as petrol sells at GHS14.2 per litre

    A section of Oil Marketing Companies (OMCs) have begun lowering petroleum product prices in line with anticipated adjustments at the pumps.

    Star Oil is leading the charge, now offering petrol at ₵13.65 per litre, down from ₵13.93.

    This marks a ₵0.28 reduction, which is a 2.01 percent decrease.

    Diesel prices have dropped by over 3.17 percent, now selling at ₵14.02 per litre.

    As a result, Star Oil customers will save ₵0.46 per litre.

    The media has it that more OMCs are likely to adjust their prices

    IES forecast

    Earlier, the Institute for Energy Security (IES) forecasted a decrease in petroleum product prices ranging from 2% to 4% for petrol, diesel, and Liquefied Petroleum Gas, starting August 1, 2024.

    This prediction comes in light of the Ghana cedi’s slower depreciation in the latter part of July 2024 and positive trends in the international market.

    IES reported that petrol and diesel prices dropped by 2.99% and 4.59% respectively, while LPG saw a 1.10% reduction in the second half of July 2024.

    “Precisely, the price of gasoline [petrol] fell by 2.99%, gasoil [diesel] by 4.59%, and LPG by 1.10% in the second half of July 2024.  The Ghana cedi also recorded slowed depreciation (0.52%), the lowest since February 2024.

    “Following the positive realised on the foreign fuel market coupled with the slowed depreciation of Ghana Cedi recorded on the domestic forex market, the Institute for Energy Security (IES) projects a fall in fuel prices in the coming days”.

    World Oil Market

    The second pricing window for July 2024 for the first time since the post-OPEC+ meeting saw Brent crude futures dropping below $80 per barrel.

    This was driven lower by disappointing global demand as Chinese imports in July 2024 hit the lowest level in two years.

    Brent Crude traded at $78.70 per barrel compared to $83.03 per barrel at the start of the pricing window.

    Local Fuel Market Performance

    In the second pricing window of July 2024, liquid fuel prices rose significantly at local fuel stations.

    Oil Marketing Companies (OMCs) raised the per litre price of petrol by GH¢0.30 and Gasoil by GH¢0.20.

    According to IES calculations, during the first pricing window of July 2024, the national average prices for refined petroleum products were GH¢14.23 per litre for petrol, GH¢14.70 per litre for diesel, and GH¢15.22 per kilogramme for LPG.

  • Transport fares to surge by 15% amid fuel price hikes

    Transport fares to surge by 15% amid fuel price hikes

    The Concerned Drivers Association of Ghana has announced a 15% increase in transport fares, effective Monday, July 22.

    This decision comes in response to the escalating cost of fuel and essential vehicle maintenance items, which have significantly impacted the transport sector.

    Public Relations Officer of the association, David Agboado, explained in an interview with Citi FM on Wednesday, July 17, that the surge in fuel prices has left drivers with no choice but to raise fares.

    He noted that some oil marketing companies are now selling fuel at prices exceeding GH₵15 per litre, placing additional financial strain on drivers.

    “We will be increasing transport fares by Monday by 15%. The reason is that fuel prices have gone high. All that we use in servicing our vehicles has gone high. That necessitated the 15% increment,” Mr. Agboado stated.

    The fare hike is also driven by the rising cost of spare parts, which are crucial for maintaining vehicles in good working condition. Mr. Agboado emphasized that drivers are unable to continue absorbing these increasing costs, which are eroding their earnings and threatening the sustainability of their operations.

    “The fare increase is justified given the current economic pressures,” he added, highlighting that the decision was necessary to ensure the viability of the transport sector.

    The association clarified that the Transport Ministry was not consulted regarding this fare adjustment. “Transport Ministry is not aware and we don’t need to sit with Transport Ministry before we increase our transport fares. We keep saying this,” Mr. Agboado asserted.

    This announcement comes amid a series of price hikes by several oil marketing companies (OMCs) at the start of July’s second pricing window. Shell, a leading OMC, has increased the price of a litre of petrol from GH₵14.80 to GH₵15.10, and a litre of diesel from GH₵14.92 to GH₵15.25. Other OMCs are expected to follow suit, further driving up fuel costs.

  • 4% hike in fuel prices commence July 16 – COPEC

    4% hike in fuel prices commence July 16 – COPEC

    The Chamber of Petroleum Consumers (COPEC) has projected a 4% increase in petroleum product prices starting Tuesday, July 16, 2024.

    According to COPEC, the rise in retail prices for Petrol, Diesel, and LPG is attributed to the cedi’s continued depreciation against the dollar, moving from $1
    .2779 to $1
    .462 (-1.205%).

    Duncan Amoah, COPEC’s Executive Secretary, detailed the anticipated price adjustments: Petrol will be GHS14.795 per liter, Diesel will reach GHS15.332 per liter, and LPG will rise to GHS16.205 per kilogram, with a 14.5 kg cylinder priced at GHS234.97.

    COPEC is calling on the government to either reduce taxes or provide subsidies for LPG to enhance affordability and promote environmental protection.

    Read COPEC‘s statement below;

    CHAMBER OF PETROLEUM CONSUMERS – (COPEC)
    ACCRA

    13 July 2024

    PETROLEUM PRODUCT PRICES EXPECTED TO GO UP ACROSS PUMPS BY 4% IN THE NEXT WINDOW, BEGINNING 16 JULY 2024

    Analysis of Projection

    Barring any unforeseen last-minute major changes in global Petroleum FOB prices, indications across the downstream Petroleum market are that, the pump retail prices of all three products Petrol, Diesel and LPG, will go up effective Tuesday, 16th of July, primarily due to further depreciation of the cedi relative to the dollar rate from an average of $1:GHS15.2779 to $1:GHS15.462P ( -1.205%) in the next retail pricing Window, beginning 16 July 2024.

    The following will constitute the projected mean retail prices for Petroleum products to within ±5% of COPEC’s projection starting from Tuesday, 16 July 2024.

    Petrol .. GHS14.795/L
    Diesel .. GHS15.332/L
    The Mean Price for Petrol and Diesel..GHS15.064/L

    LPG.. GHS16.205/kg

    Thus, a 14.5 kg LPG cylinder could be expected to be sold at GHS234.97 within the window.

    PETROL
    With the international price increasing from $816.61/MT to $843.00/MT (3.23%), the retail price works up to GHS14.795/L

    Thus, the retail price of Petrol is expected to increase by 3.75% of the current mean pump retail price of GHS14.26/L, to close selling between GHS14.06/L and GHS15.53/L, within ±5% range of COPEC’s projected figure of GHS14.795/L.

    DIESEL
    With the International FOB price increasing from $788.32/MT to $792.32/MT (1.80%), the projected mean retail pump price for the next window shall be GHS15.332L

    Diesel is expected to increase in price by about 4.69% of the current mean pump retail price of GHS14.64/L to be selling between GHS14.57/L and GHS16.10/L, within ±5% range of COPEC’s projected figure of GHS15.332/L.

    Mean Price of Petrol and Diesel
    The mean price of petrol and diesel for the coming window per available parameters shall be GHS15.064/L. The mean price is expected to increase by 4.23% over the current mean price of GHS14.45/L with a mean pump retail price range of GHS14.31/L to GHS15.82/L, within ±5% of COPEC’s projection.

    LPG
    With the international FOB price increasing from $477.80/MT to $536.11/MT (12.20%) the projected retail price of LPG is expected to be average at GHS16.205/kg.

    Thus, within ±5% error, LPG is expected to be selling between _GHS15.39/kg and GHS17.01/ kg.

    Remarks:
    1. COPEC maintains that government must do all it can to reduce taxes on LPG or to subsidize the price of LPG to promote and encourage its nationwide accessibility and usage which will eventually help save the environment from further degradation by the use of firewood.

    2. Currently, the total taxes and levies on retail prices of Petrol and Diesel are about 22.56%

    COPEC is requesting for the reduction of tax rates or to take off some of the fuel taxes to lessen the burden on consumers.

    Alternatively, a formula can be adopted to vary the total levies with changes in the dollar: Cedi rate.

    3. We further appeal to the government not to relent in getting the Tema Oil Refinery (TOR) back on stream in order to avoid or reduce the importation of finished products, with associated fuel contamination.

    Signed.

    Duncan Amoah.
    Executive Secretary.

  • Costs for water, electricity, fuel, and cement to increase from today

    Costs for water, electricity, fuel, and cement to increase from today

    Ghana’s persistent economic challenges are significantly impacting consumers, businesses, and households alike. Key among these challenges are the ongoing debates and concerns surrounding escalating water and electricity tariffs.

    The government defends these tariff increases as essential for covering operational costs, meeting financial commitments, maintaining infrastructure, and ensuring the sustainability of services.

    Despite varying consumer opinions on these justifications, the tariff hikes persist, with announcements led by the Public Utilities and Regulatory Commission (PURC).

    From July 1, 2024, Ghanaians will encounter higher costs across several essential commodities and utilities, including water, electricity, cement, and fuel.

    Water and Electricity

    Ghanaian households and industries are set to confront higher utility tariffs for both water and electricity. This increase was previously announced by the Public Utilities Regulatory Commission (PURC) during their second-quarter review.

    As per the PURC, electricity tariffs will rise by 3.45% for lifeline consumers using up to 30 kWh, while residential and non-residential consumers using more than 30 kWh will face a 5.84% increase.

    Similarly, major industries in the country will experience a tariff hike of 4.92% for electricity consumption.

    Concurrently, water tariffs will see a 5.16% increase across all customer categories as part of Ghana’s Quarterly Tariff Review Mechanism adjustments.

    The PURC specified that these changes will be effective from July 1, 2024, through September 2024, signaling a period of heightened operational costs for water and electricity consumers nationwide.

    Cement

    In the first half of this year, Ghana has witnessed a notable surge in cement prices, impacting a critical sector: construction, which heavily relies on this essential material.

    Leading companies like Ghacem, Dzata Cement, and Diamond Cement attribute the price increases to rising costs of transportation, electricity, and raw materials.

    By May, cement prices had climbed by GH¢10.00, reaching approximately GH¢95 per bag (32.5R) at certain depots across the country. This rise has already disrupted construction projects, affecting their schedules.

    Starting July 1, depending on the source, a bag (32.5R) is expected to sell for over GH¢108, varying by brand and quantity from current prices.

    Meanwhile, the Ministry of Trade is moving forward with a Legislative Instrument (L.I.) to regulate cement prices. Trade Minister Kobina Tahir Hammond argues that this step is essential to prevent arbitrary pricing and potential exploitation by cement manufacturers.

    However, some cement producers strongly oppose this initiative, claiming the government did not adequately consult them before pushing for the L.I.

    Fuel

    Consumers can expect a rise in petroleum prices over the next two weeks, reflecting adjustments during the first pricing window of July, with petrol set to increase by 2%.

    Currently, GOIL is selling one litre of petrol at GH¢14.60, while diesel is priced at GH¢14.75 per litre.

    The Institute for Energy Security forecasts a 4.0% increase in diesel prices across various pumps, alongside a 5% hike in Liquified Petroleum Gas (LPG) costs.

    These price hikes are attributed to the cedi’s depreciation against the US dollar, which is trading at approximately GH¢15.60 in the forex market. Additionally, the US dollar has strengthened in the global oil market.

    As of July 1, 2024, Brent crude futures climbed 42 cents to $85.42 per barrel by 0845 GMT, while U.S. West Texas Intermediate crude futures rose 44 cents to $81.97.

  • Fuel prices to increase by 2.17% from July 1 – COPEC

    Fuel prices to increase by 2.17% from July 1 – COPEC

    Chamber for Petroleum Consumers (COPEC) has projected an increase in fuel prices for the first pricing window of July 2024, citing factors such as a recent drop in the Dollar to Cedi exchange rate from an average of $1¢14.4788 to $1¢15.2779 (-1.89%).

    The organization forecasts that petrol’s retail price will rise by approximately 2.17%, from the current mean pump price of GH¢14.17 per litre to GH¢15.20 per litre.

    Similarly, diesel is expected to climb to GH¢15.21 per litre, while LPG prices are anticipated to range between GH¢13.24 and GH¢14.64 per kg.

    COPEC highlighted the importance of government actions to reduce taxes on LPG or introduce subsidies to enhance its accessibility and promote nationwide usage, thereby aiding environmental preservation by reducing reliance on firewood.

    Additionally, COPEC urged the government to prioritize efforts to revive the Tema Oil Refinery (TOR) to reduce or eliminate the need for importing finished petroleum products, which often results in fuel contamination issues.

  • Fuel prices to surge by over 2% in July – COPEC

    Fuel prices to surge by over 2% in July – COPEC

    The Chamber for Petroleum Consumers (COPEC) has forecasted an increase in fuel prices for the first pricing window of July 2024.

    According to COPEC, consumers should anticipate higher costs at the pumps for petrol, diesel, and liquefied petroleum gas (LPG) across the nation.

    This projected price hike is attributed to the depreciation of the Ghanaian cedi against the US dollar, with the exchange rate dropping from an average of $1:GH¢14.4788 to $1:GH¢15.2779, representing a 1.89% decrease.

    COPEC’s analysis suggests that the retail price of petrol is likely to rise by 2.17%, pushing the current average pump price from GH¢14.17 per litre to approximately GH¢15.20 per litre.

    Similarly, diesel prices are expected to increase to GH¢15.21 per litre. For LPG, consumers can expect prices to range between GH¢13.24 per kilogram and GH¢14.64 per kilogram.

    In response to these anticipated increases, COPEC has called on the government to consider reducing taxes on LPG or implementing subsidies to make it more affordable and accessible. This measure, they argue, would encourage broader usage of LPG, helping to protect the environment by reducing reliance on firewood.

    Additionally, COPEC has urged the government to expedite efforts to bring the Tema Oil Refinery (TOR) back into full operation. This move is seen as critical to minimizing the importation of finished petroleum products, which are often associated with issues of fuel contamination.

    These recommendations underscore COPEC’s broader appeal to the government to take proactive steps to stabilize fuel prices and ensure the sustainable development of the country’s energy sector.

  • Government must refrain from fuel procurement – Ben Boakye

    Government must refrain from fuel procurement – Ben Boakye

    Executive Director of the African Centre for Energy Policy, Ben Boakye, has urged the government to consider privatizing fuel purchases to alleviate financial strain during power crises.

    He emphasized that the government’s exclusive role in purchasing fuel burdens the state with constant financial injections during energy shortages.

    Speaking on Joy FM’s Top Story on June 14, Boakye advocated for a shift in approach “I think our position is that Government should just go off. Government is not the one who is supposed to ensure that there is fuel supply. This is a commercial enterprise. Let’s see power as a business and let people who have money to do the business come and do it,” he said.

    The call for privatization comes amidst an announcement on June 13 by Ghana Grid Company Limited (GRIDCo) and Electricity Company of Ghana (ECG) of a potential three-week load management plan.

    This plan, as clarified in a joint statement, is necessitated by maintenance work by a Nigerian gas supplier, reducing Ghana’s power generation capacity since June 12.

    Boakye stressed that the government should focus on regulatory roles in the power sector rather than direct involvement in fuel procurement and distribution

    “Due to maintenance works being undertaken by a gas supplier in Nigeria and is projected to last three (3) weeks.”The maintenance has caused a reduction in overall power generation capacity in Ghana which could result in load management over the period of the work,” the joint release indicated.

    In summary, Boakye urged a restructuring where private capital takes the lead in fuel purchases for the power sector while government focuses on its regulatory role and broader socio-economic concerns.

    “When we keep doing the politics with it and always looking to government to go and buy fuel in 21st century to come and produce electricity and distribute to the people that is why we have this challenges.

    “So we abuse the system, create the inefficiencies and we are always looking to government when government should be doing other things. Looking at the other socio-economic welfare of the people and allowing the business side of things where private capital is interested to actually manage… we can’t keep looking to government to provide money for the power sector at the expense of any other socio-economic intervention we do have,” he said.

  • Oil inches up on expectations of increased fuel demand during summer

    Oil inches up on expectations of increased fuel demand during summer

    Oil prices inched higher on Monday, driven by anticipated growth in fuel demand this summer, though gains were constrained by a stronger dollar, which was bolstered by diminishing prospects of immediate interest rate cuts.

    Brent crude futures rose by 15 cents, or 0.2%, to reach $79.77 per barrel by 0644 GMT, while U.S. West Texas Intermediate crude futures increased by 0.1%, or 10 cents, to $75.63 per barrel.

    On Friday, data revealed the U.S. added more jobs than anticipated last month, prompting investors to lower their expectations for rate cuts, which in turn bolstered the dollar. A stronger dollar makes commodities priced in dollars, such as oil, more expensive for holders of other currencies.

    The euro also faced pressure, reflecting uncertainty in the eurozone after French President Emmanuel Macron called for snap legislative elections in late June, following a significant defeat by Marine Le Pen’s far-right party in the European Union vote.

    “Regarding Macron and the elections, it does create another layer of uncertainty, coming after the upside surprise in U.S. non-farm payrolls, which saw yields scream higher,” Tony Sycamore, a Sydney-based analyst at IG, said.

    Currently, attention is directed towards the upcoming meetings of the U.S. Federal Reserve and the Bank of Japan this week, with concerns regarding the possibility of more hawkish outcomes, according to Sycamore.

    “That will likely create more angst among some of the member states of OPEC+ as to when they can return their cuts back to the market, given the negative reception this proposal received last week post the OPEC+ meeting.”

    Brent and WTI experienced their third consecutive weekly decline last week amid worries that the Organization of the Petroleum Exporting Countries and allied nations, collectively known as OPEC+, plan to gradually ease production cuts starting in October, potentially adding to the growing global supply.

    This announcement occurred simultaneously with an increase in total commercial OECD crude and product inventories on land, estimated at 48 million barrels in May by energy consultancy FGE, compared to an average build of 30 million barrels during 2015-2019.

    Analysts and traders anticipate that summer vacation demand will decrease inventories and bolster prices.

    “We continue to expect the market to firm up and crude prices to reach mid-$80/bbl levels as we move into 3Q 2024, but it will likely need a convincing signal of tightening from preliminary inventory data,” FGE said.

    Goldman Sachs analysts expect Brent to rise to $86 a barrel in the third quarter.

    “We expect that healthy consumers and solid summer demand for transportation and cooling will push the market into a sizable Q3 deficit of 1.3mb/d.”

    In the U.S., Washington stepped up purchasing of crude oil to replenish the Strategic Petroleum Reserve after prices fell. Last week, U.S. energy firms cut the number of oil and natural gas rigs operating to the lowest since January 2022, energy services firm Baker Hughes (BKR.O) said on Friday.

    In the Middle East, Iraq’s Oil Minister Hayan Abdel-Ghani said there has been progress in talks with Kurdistan region officials and representatives of international companies operating there for a deal to resume oil exports via the Iraq-Turkey oil pipeline that once handled about 0.5% of global oil supply.

  • Fuel import beneficiaries preventing African governments from constructing refineries – Dangote

    Fuel import beneficiaries preventing African governments from constructing refineries – Dangote

    Africa’s wealthiest individual and Chairman of Dangote Refinery, Aliko Dangote, has voiced significant disapproval of African governments for their inability to construct a sole refining facility over the past 35 years.

    During an interview with CNN’s Eleni Giokos, Dangote contended that this lack of progress is attributed to vested interests profiting from extensive fuel imports across the continent.

    “There are so many issues. I can’t count them, but there are so many. It’s not only money, political will, and also people who are benefiting from this whole stuff of importing petroleum products into Africa are actually discouraging those governments from building a refinery,” he said.

    The business magnate explained that Africa’s inability to secure strong financial support from international banks further hampers such projects. “And they won’t get the loans anyway, because they don’t have very strong banks. The international banks will not support anything like this.  We’re talking about industrialising the continent, creating a more connected Africa,” he stated.

    “But we have to make sure we focus and say, look, we are the only ones that can deliver. We Africans are the only people that can develop Africa. If we’re waiting for foreigners or foreign investors to come and develop Africa, it will never happen,” he stated.

    Dangote, who recently completed the $19 billion Dangote Refinery, shared insights from his experience, stating that the challenges he faced were far greater than anticipated. “If I knew what I was going to go through, I wouldn’t have tried,” he admitted. Despite this, he noted that with the knowledge gained, he would undertake the project again but with improved strategies.

    Dangote pointed out that foreign aid and investments are not the solutions for Africa’s development. “We Africans are the only people that can develop Africa,” he asserted, emphasizing the need for self-reliance. He also revealed that many had doubted the project’s success, and there were significant efforts to discourage him, partly because of those benefiting from the status quo of fuel imports.

    Looking ahead, Dangote expressed optimism about exploring new opportunities in petrochemicals and upstream sectors. “The sky is the limit,” he declared, adding that the nearby fertiliser complex, with a capacity of 3 million tonnes, is another testament to their achievements.

    Reflecting on the accomplishment, Dangote said, “I feel very proud as an African doing this. Nobody ever expected us to pull this through. A lot of people had given up. But we’ve been able to deliver.”

    The Dangote Refinery is now valued at nearly $19 billion.

    Looking ahead, Dangote expressed optimism about exploring new opportunities in petrochemicals and upstream sectors. “The sky is the limit,” he declared, adding that the nearby fertiliser complex, with a capacity of 3 million tonnes, is another testament to their achievements.

    Reflecting on the accomplishment, Dangote said, “I feel very proud as an African doing this. Nobody ever expected us to pull this through. A lot of people had given up. But we’ve been able to deliver.”

    The Dangote Refinery is now valued at nearly $19 billion.

  • Fuel prices to go up in first half of June 2024 – IES predicts

    Fuel prices to go up in first half of June 2024 – IES predicts

    The Institute for Energy Security (IES) has predicted another fuel price hike in the first half of June 2024.

    This forecast is based on recent trends in the international fuel market and the weakening performance of the Cedi in the domestic forex market.

    “Gasoline [petrol], Gasoil [diesel], and Liquefied Petroleum Gas (LPG) all recorded a decrease of about 4.17%, 0.87%, and 3.44%, respectively over the last two weeks. Given the favourable price changes recorded on the international market for these products, prices at the local pumps should ordinarily reflect a reduction to relieve consumers. However, the massive fall (4.17%) of the Ghana cedi against the U.S. dollar may prevent a realisation of the full gains made on the world fuel market on the local fuel market”, it pointed out.

    World Fuel Market

    IES monitoring of the global Standard & Poor’s (S&P’s) Platts on petroleum products performance in the world fuel market shows that the prices of petrol, diesel and LPG have all decreased.

    Published data for the second pricing window of May 2024 indicate that petrol closed at $851.73 per metric tonne, diesel closed at $749.70 per metric tonne, and LPG closed at $444.80 per metric tonne.

    The net changes indicate that the price of petrol has fallen by 4.17%, diesel by 0.87%, and LPG by 3.44%.

    Local Fuel Market

    During the second pricing window of May 2024, the anticipated price reductions at local pumps were hindered by the stagnation in the value of the local currency.

    Analyzing the performance of refined petroleum products during this period, it was noted that diesel and petrol prices remained relatively steady across most Oil Marketing Companies (OMCs) monitored.

    According to calculations by the Institute for Energy Security (IES), the national average prices for petrol and diesel during the second pricing window of May 2024 were GH₡14.22 and GH₡14.00 per litre respectively, while LPG was priced at GH₡15.63 per kilogramme.

  • IES projects increase in fuel prices in first half of June

    IES projects increase in fuel prices in first half of June

    The Institute for Energy Security (IES) has predicted that fuel prices will increase again in the first half of June 2024.

    This forecast is based on developments in the foreign fuel and domestic forex markets, exacerbated by the worsening performance of the Cedi.

    “Gasoline [petrol], Gasoil [diesel], and Liquefied Petroleum Gas (LPG) all recorded a decrease of about 4.17%, 0.87%, and 3.44%, respectively over the last two weeks. Given the favourable price changes recorded on the international market for these products, prices at the local pumps should ordinarily reflect a reduction to relieve consumers. However, the massive fall (4.17%) of the Ghana cedi against the U.S. dollar may prevent a realisation of the full gains made on the world fuel market on the local fuel market”, it pointed out.

    The Institute for Energy Security (IES) has reported that their monitoring of the global Standard & Poor’s (S&P) Platts on petroleum products indicates a decrease in the prices of petrol, diesel, and LPG in the world fuel market.

    According to published data for the second pricing window of May 2024, petrol closed at $851.73 per metric tonne, diesel at $749.70 per metric tonne, and LPG at $444.80 per metric tonne. The net changes reflect a price drop of 4.17% for petrol, 0.87% for diesel, and 3.44% for LPG.

    Despite the global price decreases, the loss in the local currency’s value has stalled the expected price reductions at domestic pumps during the second pricing window for May 2024.

    The IES observed that diesel and petrol prices remained relatively stable among most Oil Marketing Companies (OMCs) tracked over the period.

    IES’s calculation of the national average price for the three refined petroleum products for the second pricing window of May 2024 shows petrol and diesel selling at GH₵14.22 and GH₵14.00 per litre respectively, while LPG sold for GH₵15.63 per kilogramme.

  • Thieves raid Pakyi No. 2 fuel station, escape with GHS1m

    Thieves raid Pakyi No. 2 fuel station, escape with GHS1m

    Reports indicate that armed robbers allegedly raided the IBM fuel station situated at Pakyi NO2 in the Amansie West district of the Ashanti Region.

    Eyewitnesses claim the armed individuals entered the station, disabled the CCTV, and stole the digital video recorder.

    Reports suggest that five fuel attendants and a security guard were restrained by the assailants, who absconded with one million cedis.

    Kwabena Tawiah, Director of IBM fuel station, lamented this as the fourth such incident, despite their proximity to a police station.

    “We are direct opposite a police station on the roadside but, we are always under attack in the night on the blinds side of people.”

    We are appealing for intensified police patrol in the area to curb security.

    Some of the workers who were attacked at that night express their fears

    We are uncomfortable to work due to poor security in the area.”

    Calls are made for increased police patrols in the area to address security concerns.

    Due to the risks posed by armed robberies, the station now closes at 8 PM instead of operating round the clock.

  • Armed robbers bolt with GHC1m after attack on fuel station in Ashanti Region

    Armed robbers have raided the IBM fuel station at Pakyi Number 2 in the Amansie West district of the Ashanti Region.

    Eyewitnesses stated that the armed men broke into the station’s office, disconnected the CCTV, and took away the digital video recorder.

    Sources indicated that five fuel attendants and a security guard had their hands tied by the gang, who made away with one million Ghana cedis.

    In an interview, the Director of IBM fuel station, Kwabena Tawiah, appealed for intensified police patrol in the area.

  • COPEC warns of fuel shortage amid tanker drivers union’s strike

    COPEC warns of fuel shortage amid tanker drivers union’s strike

    The Chamber of Petroleum Consumers (COPEC) has warned of an impending fuel shortage if the concerns of the striking Ghana National Petroleum Tanker Drivers Union are not urgently addressed.

    COPEC contends that failure by the relevant authorities to resolve the drivers’ issues will result in dire consequences.

    Members of the Ghana National Petroleum Tanker Drivers Union declared an indefinite sit-down strike on Tuesday, May 21, demanding improved conditions of service.

    Commenting on the strike, the Executive Secretary of COPEC, Duncan Amoah, stated that if the strike lasts for 72 hours, petroleum consumers may soon have to queue at fuel pumps for the product.

    “The oil marketing companies cannot get you the products without those tanker drivers and what that adds to the woes of the Ghanaian is that if that strike is not called off within the next 48 to 72 hours, we may soon have to queue to get fuel because the supply at the various fuel stations is likely to run out.”

  • Transportation of 400m litres of fuel at risk due to ongoing tanker drivers’ strike

    Transportation of 400m litres of fuel at risk due to ongoing tanker drivers’ strike

    The ongoing sit-down strike by the Ghana National Petroleum Tanker Drivers Union poses a significant risk of leaving over 400 million litres of fuel stranded at various petroleum loading terminals nationwide.

    This development is expected to have a notable impact on around 3.5 million consumers across the country in the coming days.

    The genesis of this standoff dates back to November 2023 when the union submitted a policy framework delineating the conditions of service for its members to the National Petroleum Authority (NPA) for review and approval.

    Despite being crafted by a 21-member committee, this framework is still awaiting the NPA Board’s endorsement.

    However, instead of granting approval, the Board has requested amendments to the framework without providing specific guidance on the required changes.

    Despite repeated pleas for clarification, the committee has been left in the dark. Frustrated by the lack of communication, the committee has lodged a petition with the Presidency, hoping for a resolution.

    The aggrieved tanker drivers are emphasizing the urgent need to implement the policy framework to ensure smoother operations and enhance their welfare.

  • Special petroleum levy should be used to cushion consumers from fuel price hikes – Energy Strategist

    Special petroleum levy should be used to cushion consumers from fuel price hikes – Energy Strategist

    Energy Strategist Dr. Yusuf Suleiman is urging the government to utilize funds generated from the special petroleum tax to support consumers in the downstream sector as fuel prices rise.

    Dr. Suleiman expressed concern that the continuous fuel price hikes would lead to inflation, resulting in higher prices for goods and services.

    In an interview with Joy Business, he emphasized the government’s responsibility to shield the public from the adverse impacts of price increases.

    “How come government introduced the special petroleum levy when the crude prices was dropping and we are losing on the upstream because government’s budget is being affected. This is the same call we are making that the reverse should happen so that the fund can be used to support the current situation as it is having a significant effect on inflation”, he argued.

    Dr. Suleiman addressed attendees at the Second Society of Petroleum Engineers (SPE) summit and exhibition in Accra.

    He emphasized that the government cannot claim ignorance of rising prices on the world market while the country benefits from oil sales, yet appear indifferent to the hardships faced by ordinary people at the pumps.

    Dr. Suleiman attributed this situation to the Bank of Ghana’s failure to effectively control inflation, noting that fuel price increases impact all sectors of the economy.

    “This is the reason government is unable to tame inflation to a sustainable level because we are not able to get a response on this policy. We must do better and help the public”.

    Fuel prices have been steadily rising at the pumps since the start of the year due to the depreciation of the cedi and marginal increases in the global crude price.

    This trend has had a notable impact on inflation in recent months, as the government works to stabilize the economy under an International Monetary Fund (IMF) program.

    Dr. Suleiman emphasized the need for policymakers to intervene and provide relief to consumers, especially in light of the ongoing increases in petroleum product prices.

    “It is about time that we trigger the use of the fund in the reverse because there is no way crude prices will drop anytime soon especially when our local currency is also not stable” he noted.

    Despite projections by industry players like the Chamber for Petroleum Consumers Ghana of a price reduction for the second window of May, some Oil Marketing Companies have already begun adjusting prices at the pumps.

  • Nigerian man allegedly ordered to buy meat pie before purchasing fuel

    Nigerian man allegedly ordered to buy meat pie before purchasing fuel

    Frustration ensued at a total Filling Station in Nigeria as a customer express disbelief over a new policy requiring her to purchase meat pie before buying fuel.

    She queried the fuel attendant about the station’s primary function, pondering whether it was a fuel station or a bakery.

    The customer captured the moment on video, capturing her displeasure towards the fuel attendant.

    “See I no really understand weytin dey happen for this Total Filling Station like this. Because how on earth, I go come, they go tell me say I must buy meat pie before I buy fuel. You must go buy meat pie before you buy fuel. Is this place open for a meatpie or open for a fuel station? Rubbish… This is Total filling station trying (unprintable word) with the masses that we have to buy meatpie before we can buy fuel. What kind of insult, rubbbish. This is total rubbish,” she indicated

  • FLASHBACK: Ghana progressing towards fuel sufficiency – NPA

    FLASHBACK: Ghana progressing towards fuel sufficiency – NPA


    The National Petroleum Authority announced in May 2023 that the nation was progressing towards fuel self-sufficiency.

    This declaration came from Dominic Aboagye, Head of Planning at the Authority, during an interview with the media in Ho.

    Read the full story originally published on May 10, 2023


    The National Petroleum Authority (NPA) has highlighted Ghana’s strides toward achieving fuel sufficiency. Dominic Aboagye, Head of Planning at the Authority, emphasized that strategic measures, including the innovative Gold for Oil Policy, have bolstered Ghana’s position as a fuel supply hub in the sub-region.

    Speaking to the media in Ho, covering the Volta and Oti Regions, Aboagye underscored the significance of initiatives like special international oil trading licenses, forex auctions, and the Gold for Oil Policy in ensuring a steady oil supply.

    He also noted ongoing efforts to expand the nation’s oil refining capacity.

    Under the Gold for Oil Program, ten shipments of oil have been received, aimed at alleviating forex demands and supporting the sector’s sustainability.

    Additionally, the NPA has been facilitating the construction of a new oil refinery expected to meet half of the nation’s demand.

    Aboagye expressed the Authority’s advocacy for the revival of the Tema Oil Refinery, signaling progress towards fuel sufficiency.

    The NPA’s Lycan Allocation Program ensures fuel availability, monitoring distribution and consumption trends for timely supply, even extending to West African countries.

    A mix of policies and interventions has enabled the downstream petroleum sector to navigate challenges such as geopolitics, climate action policies, and forex liquidity risks. Through the Gold for Oil Program and Bank of Ghana interventions, along with vigilant monitoring, threats to supply are being managed effectively.

    Edwin Yaw Konu, Volta Regional Manager of the NPA, highlighted challenges like fuel smuggling from neighboring Togo, affecting industry integrity and state revenue.

    The NPA is collaborating with Togolese authorities and security agencies to address this issue.

    The annual media engagement serves to keep stakeholders informed about developments in the downstream petroleum sector.

    The consumer management team of the Authority is set to educate the public in the Region on fuel consumption patterns during this period.

  • Fuel prices expected to remain below GHS18.00 mark by next week – Bulk Oil Distributors 

    Fuel prices expected to remain below GHS18.00 mark by next week – Bulk Oil Distributors 


    The Ghana Chamber of Bulk Oil Distributors (CBOD) has moved to calm the concerns of consumers regarding potential astronomical increases in fuel prices by the end of April 2024.

    Assuring the public, the Chamber emphasized that their assessment of the various factors influencing pump prices, particularly the exchange rate, has shown stability in the past week.

    They further stated that this stability is not likely to significantly impact the prices of petrol, diesel, and Liquefied Petroleum Gas (LPG).

    Addressing reporters in Accra, Dr. Patrick Kwaku Ofori, CEO of CBOD, refuted reports suggesting that petrol and diesel prices could soar to at least GH¢18 per litre by the following week.

    “Despite the fear mongering that the dollar was going to close at GHS 14, to be fair, it has been relatively stable, which is far better than what happened the previous weeks.

    “Now the price is GH¢14.99 (per litre). It’ll get to GH¢18 (per litre) unless the dollar hits maybe GHS15 but I can’t foresee the dollar hitting even GHS14 by even next week,” he said.

    Dr. Ofori urged both the public and “energy experts” to refrain from making uninformed projections that could incite fear among consumers and impact investments in the sector.

    Expressing concern over the effect of such speculation on consumer behavior and the volatility of pump prices, he announced the Chamber’s intentions to conduct training courses for journalists. These courses would cover the components of fuel pricing, market dynamics, and other informative topics aimed at reducing misinformation surrounding fuel pricing.

    “We should be guided with some of our utterances. Forex commodities are sensitive to key elements within the sector and the economy. When people make certain speculations that are projections, we need to probe further,” he said.

    Fuel prices, which had maintained relative stability for several months, experienced successive increases over the past four weeks. Analysts attribute this trend to a surge in international prices and the depreciation of the Cedi against the US Dollar.

    At present, petrol and diesel are priced at an average of GHS14.99 and GHS14.80 per litre, respectively, at fuel stations.

    Dr. Ofori highlighted that the performance of the Cedi against the Dollar and fluctuations in international markets were the primary factors influencing recent fuel price hikes.

    He also mentioned that the Chamber is actively seeking innovative solutions to improve access to foreign exchange and alleviate pressure on the Cedi.

    Contrary to assumptions that bulk oil distributors profit from fuel price increases, Dr. Ofori clarified that sometimes, Bulk Distribution Companies (BDCs) incur losses if their forex market projections exceed expectations.

    Assessing the situation on the international market, he expressed concerns about potential impacts on global fuel prices if tensions in the Middle East, particularly between Israel, Iran, and Gaza, escalate further.

    “We do not want the situation to escalate. Once it escalates, we should be certain that oil prices will go up,” he said.

  • The dollar has been relatively stable, fuel prices won’t hit GHC18 – CBOD

    The dollar has been relatively stable, fuel prices won’t hit GHC18 – CBOD

    The Ghana Chamber of Bulk Oil Distributors (CBOD) has reassured consumers that fuel prices are unlikely to increase significantly by the end of April this year.

    The Chamber stated that its assessment of key factors affecting fuel prices, such as the exchange rate, has been stable in the last week.

    As a result, there may not be a substantial impact on the prices of petrol, diesel, and Liquefied Petroleum Gas (LPG).

    Chief Executive Officer of CBOD, Dr. Patrick Kwaku Ofori, addressed journalists in Accra and dismissed reports suggesting that petrol and diesel prices would rise to at least GHS18 per litre by the following week.

    “Despite the fear-mongering that the dollar was going to close at GHS 14, to be fair, it has been relatively stable, which is far better than what happened the previous weeks. 

    “Now the price is GHS14.99 (per litre). It’ll get to GHS18 (per litre) unless the dollar hits maybe GHS15, but I can’t foresee the dollar hitting even GHS14 by even next week,” he said. 

    Dr. Ofori urged the public and “energy experts” to refrain from making uninformed projections that could create fear among consumers and impact investments in the sector.

    He expressed concern about the impact of such speculation on consumer behavior and the volatility of fuel prices at the pumps.

    Dr. Ofori also announced CBOD’s plans to organize training courses for journalists on fuel pricing components and market dynamics, among other informative engagements. These efforts aim to reduce misinformation and improve understanding of fuel pricing.

    “We should be guided with some of our utterances. Forex commodities are sensitive to key elements within the sector and the economy. When people make certain speculations that are projections, we need to probe further,” he said. 

    After a period of relative stability, fuel prices have seen repeated hikes in the last four weeks, attributed to spikes in international prices and the depreciation of the Cedi against the US Dollar.

    Currently, petrol and diesel are priced at an average of GHS14.99 and GHS14.80 per litre at the pumps.

    Dr. Ofori highlighted that the performance of the Cedi against the Dollar and international market prices were the primary factors influencing the recent fuel price increases.

    He mentioned that the Chamber is exploring innovative approaches to improve access to forex and alleviate pressure on the Cedi.

    Contrary to claims that bulk oil distributors benefit from fuel price increments, Dr. Ofori explained that sometimes the Bulk Distribution Companies (BDCs) incur losses if their forex market projections exceed expectations.

    Dr. Ofori also expressed concern about the potential impact of ongoing tensions in the Middle East on global fuel prices, particularly if exchanges between Israel, Iran, and Gaza escalate.

    “We do not want the situation to escalate. Once it escalates, we should be certain that oil prices will go up,” he said. 

  • Prices of fuel likely to hit GHC18 in the next 6 weeks – IES

    Prices of fuel likely to hit GHC18 in the next 6 weeks – IES

    Ghanaians should brace themselves for higher fuel prices in the near future, according to the Institute for Energy Security (IES).

    The anticipated increase is attributed to rising global market prices and the depreciation of the cedi.

    Despite crude oil currently being priced at $84 per barrel, concerns arise over the potential for prices to surge to $100 per barrel due to escalating tensions in the Middle East.

    In an interview with JoyNews, Nana Amoasi VII, the Executive Director of the Institute for Energy Security, highlighted the potential implications of this development on struggling economies like Ghana. He predicts that within the next few weeks, the prices of diesel and petrol could soar to ¢18 per liter at the pumps.

    “What we see is that within the next six weeks, prices or international prices will go up and so we will be hit domestically. We also know that the cedi is not performing well against the dollar, the importing currency. That forex exposure will also hit us domestically.

    “We also know that government may not be willing to reduce taxes and levies on fuel so we are not expecting any reduction in the coming six weeks. So we can project that prices of gasoline, LPG and gas oil may not drop in the next six weeks,” he said.

    Abass Ibrahim Tasunti, the Head of Economic Regulation at the National Petroleum Authority (NPA), emphasized that the authority is unable to intervene in the pricing of petroleum products.

    “NPA does not regulate the prices. We don’t tell the marketers that set your price at so and so. It is influenced by these key factors; the world market price, the exchange rate and then the margin that they set. Taxes are also part of the price.

    “They know very well that taxes on petrol have not been increased but the prices of petrol are going up because of the world market price. All the petroleum products come from crude oil so once the crude oil price is going up, it affects all of them.”

    Meanwhile, the transport unions are in discussions with the Transport Ministry regarding potential fare increases in response to recent fuel price adjustments.

    Samuel Amoah, Deputy Public Relations Officer with the GPRTU, stated that drivers are proposing a 30 percent increment.

  • Fuel prices set to soar in coming days – COPEC warns

    Fuel prices set to soar in coming days – COPEC warns

    The Chamber of Petroleum Consumers (COPEC) has forecasted a steep increase in fuel prices shortly.

    The Executive Secretary, Duncan Amoah, speaking on Asempa FM’s Ekosii Sen program, cited global market trends and the Cedi’s performance as contributing factors.

    “The reversal of the petroleum levy has also contributed to this, and the market is squeezing itself; if not, the rise would have been more significant.

    “We are widely exposed, and the signals as far as international market price movement and the CEDIA’s performance are concerned don’t look too good, and fuel prices will continue to increase,” he explained.

    Ghanaian consumers are already bracing themselves for the impending price hikes, exacerbated by the reinstatement of the Price Stabilization and Recovery Levy by the National Petroleum Authority (NPA).

    Following this directive, the NPA instructed stakeholders in the oil marketing and distribution sector to apply additional charges: 16 pesewas per litre for petrol, 14 pesewas per litre for diesel, and 14 pesewas for every kilogram of liquefied Petroleum Gas (LPG).

    This latest surge marks the most significant increase since February 2023, when fuel prices stood at GH¢15.40 per litre and diesel at GH¢15.50.

    Amoah suggested that reducing taxes could ease consumer strain, but he acknowledged that current IMF negotiations limit the government’s ability to act.

    “We will be deluding ourselves if we expect the government to do anything at the moment because their hands are tied. The onus now lies with the Bank of Ghana to perform the magic they did in 2022 to appreciate the Cedi,” he noted.

  • Fuel prices to keep rising in April – IES projects

    Fuel prices to keep rising in April – IES projects

    The Executive Director of the Institute for Energy Security (IES), Nana Amoasi VII, has forecasted a significant rise in fuel prices in the coming weeks.

    In a directive dated April 3, 2024, and distributed to various stakeholders in the oil marketing and distribution sector, the National Petroleum Authority (NPA) instructed the application of additional charges: 16 pesewas per litre for petrol, 14 pesewas per litre for diesel, and 14 pesewas for every kilogram of liquefied petroleum gas (LPG).

    This decision followed the NPA’s suspension of the Price Stabilization and Recovery Levy on petroleum products.

    As a result, the state-owned Oil Marketing Company, GOIL, has adjusted its prices, with petrol and diesel now retailing at GH¢14.15 per litre and GH¢14.74 per litre, respectively. These adjustments by GOIL took effect on April 4, 2024.

    This recent spike in fuel prices represents the highest increase since February 2023, when a litre of fuel sold for GH¢15.40 and GH¢15.50 for diesel.

    During an interview on the Citi Breakfast Show (CBS) on Citi FM on Friday, Nana Amoasi VII criticized the suspension, stating that it was implemented without thorough deliberation.

    He highlighted that the levy had not achieved its goal of stabilizing fuel prices, citing instances where prices reached GH¢18 per litre in 2022.

    Nana Amoasi VII warned of an imminent surge in fuel prices, suggesting that prices could potentially reach around GH¢14.05 per litre, leading to a double increase.

    “The suspension of the levy was not well-thought through because it was clear in the statement that it was intended to relieve consumers of intending price hikes which are necessitated by happenings on the world market and also our own forex market. Then the OMCs increase fuel prices in response to the domestic foreign market and the international fuel market. Unfortunately, a day or two, the NPA comes to say we are reversing the suspension of that levy which is meant to cushion consumers and this time around, the NPA fails to give the reasons for the suspension.”

    “We have not seen any impact of this levy on fuel prices over the years because it has not been able to stabilise prices and prices shot up as high as GH¢18 per litre somewhere in 2022 and we are seeing the same thing now. What is going to happen is that fuel is going to increase again. Few have done it already and others are yet to do it and prices will roughly rise GH¢14.05 and so fuel prices will soon see a double increase,” stated.

  • No one tells us anything about increase in fuel prices, NPA does whatever it wants – Drivers lament

    No one tells us anything about increase in fuel prices, NPA does whatever it wants – Drivers lament

    Drivers, who are already feeling the impact of the price hikes, after the suspension of the Price Stabilisation and Recovery Levy on petroleum products was reversed, have accused the National Petroleum Authority (NPA) of being insensitive.

    In a letter dated April 3, the NPA instructed all Oil Marketing Companies and other stakeholders to implement a levy of 16 pesewas per litre on Petrol, 14 pesewas per litre on Diesel, and 14 pesewas per kilogram on Liquefied Petroleum Gas (LPG) starting from April 4, 2024.

    While the reasons for the NPA’s decision to reinstate the Price Stabilisation and Recovery Levy are unclear, some drivers claim they are unaware of the new tariff adjustments.

    Speaking to JoyNews on April 4, a driver said “I came here to get fuel and I realised that they’ve increased the fuel by 17 pesewas which is absurd. We didn’t hear anything, we got up, no announcement, nothing and we woke up today to buy fuel and it’s all increased. Now in this country, they don’t tell us anything, they just do anything they want.

    “Now it is GH₵13.79, before it was like GH₵13.20. Now they’ve increased everything. We are dying.”

    Another driver questioned whether the government intentionally aimed to hinder their ability to make ends meet.

    He noted that the same liter of fuel they previously purchased for GH₵5 is now more expensive, causing frustration among the few Ghanaians who own vehicles.

    “The fuel is too high. At first, we buy one litre, GH₵5. Now, a litre is more than GH₵5, it’s too bad. This thing is trying to weaken us.

    “How many people can drive? How can the country develop? If the fuel price is good, all other things will come down,” he said.

    He also mentioned the challenge of finding passengers daily, and even when they do, there is often a need for more bargaining to reduce the fare.

  • COPEC projects unchanged fuel prices in April’s first window

    COPEC projects unchanged fuel prices in April’s first window

    The Chamber of Petroleum Consumers (COPEC) has indicated that fuel prices are expected to remain unchanged during April’s initial pricing period.

    COPEC’s projections for the first pricing window of April suggest that the cost of a liter of petrol will hover around GH¢13.41. This implies that fuel rates across the country will likely hold steady throughout the first pricing window of April 2024.

    “Baring any universal changes in petroleum prices of $874.09/MT for petrol and $835.64/MT for diesel and LPG $627.30/MT, with a corresponding dollar-cedi rate of 1:13.0555, a litre of diesel will also be sold at GH¢13.91, with LPG selling at GH¢14.20 per kilogram,” they stated.

    COPEC has, however, forecasted a potential increase in petrol prices during the second pricing window, while diesel and Liquefied Petroleum Gas (LPG) are expected to remain unaffected.

  • Government to scrap fuel levy effective April 1

    Government to scrap fuel levy effective April 1

    The Ministry of Finance, in collaboration with the Ministry of Energy, has directed the National Petroleum Authority (NPA) to exclude the Price Stabilisation and Recovery Levy (PSRL) from the Price Build-Up.

    This directive follows the provisions of section 2 (b) of the Energy Sector Levies Act 2015 (Act 899), as amended in 2021, Act 1064, and will be effective for a three-month period.

    Responding to this directive, the NPA has announced the removal of the PSRL from the Price Build-Up, effective from April 1st to June 30th, 2024. All Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) are required to comply with the adjusted PSRL rates during this period.

    Previously, the PSRL rates were established at 16.00 GHp/Lt for petrol, 14.00 GHp/Lt for diesel, and 14.00 GHp/Kg for LPG, effective from March 16th, 2024.

    However, these levies will be reduced to zero for all fuel products starting April 1st, 2024.

    This government intervention is aimed at alleviating the financial burden on consumers caused by high fuel costs resulting from rising global prices.

    By temporarily eliminating the PSRL, the government intends to ease the financial strain experienced by consumers at fuel stations.

    All OMCs and LPGMCs are urged to implement the revised PSRL rates in their Price Build-Up from April 1st to June 30th, 2024, ensuring transparency and adherence to the government’s directive.

    Consumers are advised to take note of these adjustments and adjust their expectations accordingly. The government is implementing measures to mitigate the impact of global market fluctuations on fuel prices, and this action is part of that effort.

  • Govt to install automated premix dispensers by September – Akufo-Addo

    Govt to install automated premix dispensers by September – Akufo-Addo

    President Akufo-Addo has announced that the installation of the remaining automated fuel dispensers will be completed by September this year to enhance the efficient distribution of essential products for fisherfolk.

    In his State of the Nation Address delivered in parliament on Tuesday, February 27, 2024, President Akufo-Addo highlighted the government’s progress in addressing fuel smuggling and hoarding.

    He stated that in 2023, the government successfully installed 50 automated premix fuel dispensers out of the initially planned 300 across the country.

    “Mr Speaker, to help address the incidence of premix fuel diversion and hoarding, government, last year, completed the installation of fifty (50) out of the three hundred (300) premix fuel automated dispensers.

    “My expectation is that the remaining automated dispensers will be installed by September this year, to help optimise the distribution of premix fuel,” President Akufo-Addo announced.

    President Akufo-Addo expressed his expectation that the outstanding automated dispensers would be in place by September, emphasizing their role in optimizing the distribution of premix fuel and curbing diversion and hoarding.

    Additionally, the President underscored the government’s commitment to decisive actions, such as implementing closed seasons, to protect the ocean’s capacity for regeneration.

    He emphasized the importance of these measures in ensuring sustained economic, environmental, and social benefits for national development.

    President Akufo-Addo also highlighted the completion of 12 coastal fish landing sites at various locations, including Axim, Dixcove, Moree, Mumford, Winneba, Senya Beraku, Gomoa Feteh, Otuam, Mfantseman, Teshie, Osu, and Keta.

  • Fuel prices will keep rising for the next 2 to 3 months – COPEC

    Fuel prices will keep rising for the next 2 to 3 months – COPEC

    Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has suggested that prices of petroleum products may continue to rise over the next two to three months.

    Oil Marketing Companies (OMCs) gradually increased the prices of fuel at the pumps by between 3% to 8%. Analysts attribute this increase to the rise in crude prices on the international market, the fall of the cedi against the dollar in recent weeks, and adjustments in levies and margins by the National Petroleum Authority (NPA).

    Mr Amoah cautioned that projections indicate the upward trend is likely to continue.

    “Projections out there as far as international market pricing is concerned doesn’t look as though prices are going to cool off anytime soon. So, we may be here for about two, three months before any cooling would happen,” he said on Starr Today, on Friday, February 16, 2024.

    Duncan Amoah has called on the Bank of Ghana (BoG) to address the depreciation of the cedi in order to help stabilize fuel prices.

    “That is why I’ve indicated that the bank of Ghana would need to sit and position, so that the local current does not suffer any ceded battery. If you were stable, whatever the international market pricing throws at us will be something minimal. But if the city also gets wobbly and dances a very bad dance, then we could be in for some additional increments by March, by April, by May.”

    “But that again would depend on whether the Bank of Ghana goes to sleep or it wakes up to his fiduciary responsibility of ensuring that the currency is stable”, he warned.

    Duncan Amoah has raised concerns about the National Petroleum Authority’s (NPA) decision to increase the BOST margin.

    While he acknowledged that some other levy adjustments may be justifiable, Amoah questioned the rationale behind adding 3 pesewas to the margin of a profitable company like BOST, describing it as perplexing.

    “The only challenge we’ve had with what the recent move has been simply has to do with the BOST margin that has gone up. We are asking if indeed BOST as a profit-making entity that has declared profit the past three years, will still need to collect more from the public? That we continue to disagree with,” he added.

  • Ghana’s Growth Investment Partners fuels rise of BPO industry, attracts global attention

    Ghana’s Growth Investment Partners fuels rise of BPO industry, attracts global attention

    Growth Investment Partners (GIP) Ghana is spearheading initiatives that are attracting attention and investments from around the world. 

    The strategic efforts of GIP are contributing to the country’s emergence as an increasingly attractive hub for BPO operations, offering a compelling alternative to the traditional Asian landscape.

    GIP Ghana has been at the forefront of fostering the growth of the BPO sector, leveraging the country’s skilled workforce, stable political environment, and robust technological infrastructure. With a focus on accelerating the migration of BPO operations from Asia to Africa, the investment firm is paving the way for new opportunities and economic development in Ghana.

    The move comes at a time when global businesses are reevaluating outsourcing strategies, seeking new and resilient locations to diversify their operations. Ghana, with its rapidly growing economy and favorable business environment, is becoming a beacon for companies looking to establish or expand their BPO operations.

    According to sources, GIP Ghana’s proactive measures include targeted investments in technology infrastructure, talent development, and collaborative partnerships with international BPO firms. These investments aim to enhance the overall competitiveness of Ghana’s BPO industry and position it as a preferred destination for outsourcing services.

    In a statement, the CEO of GIP Ghana, Mr Kwame Asante, expressed optimism about the country’s potential in the BPO sector, stating, “Ghana possesses all the essential elements to become a global BPO hub. Our strategic investments and collaborations are geared towards creating an environment that fosters innovation, provides high-quality services, and generates significant employment opportunities.”

    Industry experts have lauded the efforts of GIP Ghana, noting that the country’s skilled workforce, proficiency in English, and cultural affinity with Western markets make it an ideal destination for BPO activities. The shift towards Ghana is seen not only as a business decision but also as a socio-economic catalyst, contributing to the creation of jobs and skill development.

    As Ghana continues to position itself on the global stage as a BPO powerhouse, the nation’s economic landscape stands to benefit significantly. The positive ripple effect is expected to extend beyond the business realm, impacting various sectors and solidifying Ghana’s reputation as a dynamic and competitive player in the international outsourcing arena.

  • Prices of Petrol, Diesel and LPG to surge by about 2%

    Prices of Petrol, Diesel and LPG to surge by about 2%

    Fuel prices are anticipated to experience a slight increase starting today, February 1, 2024, according to the Institute for Energy Securities.

    This adjustment is attributed to a marginal rise in the cost of finished petroleum products and the depreciation of the Ghanaian cedi.Specifically, the price of petrol and Liquefied Petroleum Gas (LPG) is expected to increase by 2%, while the price of diesel will see a 3% rise.

    “In the coming days, consumers going to the pumps are likely to see the following changes: an increase in the price of Gasoline [petrol] by 2%, 3% increase in price Gasoil [diesel] and 2% increase in LPG price largely as a combined effect of the Ghana cedi depreciation and the international market price rise for the products,” Global Standard & Poor (S&P) Platts reported.

    As of January 26, 2024, the Global Standard & Poor (S&P) Platts platform reported an increase in prices for all refined petroleum products. Petrol closed trade at $800.84 per metric tonne, diesel at $807.14 per metric tonne, and Liquefied Petroleum Gas (LPG) at $535.41 per metric tonne in the second pricing window for January 2024.

    Comparatively, there was a 2.93% increase in the price of petrol, a 4.79% increase in the price of diesel, and a 2.44% increase in the price of LPG based on refined price data.

    While diesel prices remained relatively stable in the second pricing window, the Institute for Energy Securities (IES) observed that some Oil Marketing Companies (OMCs) reviewed the price of petrol downwards by an average of GH¢0.11 per litre, while diesel and LPG prices remained unchanged.

    The average prices for the petroleum products during this period were GH¢11.82 for petrol, GH¢12.74 for diesel, and GH¢13 per kilogramme (kg) for LPG. These fluctuations reflect the dynamics of global oil prices and their impact on the local fuel market.

  • Fuel prices to fall by over 2.5% today

    Fuel prices to fall by over 2.5% today

    Fuel consumers can anticipate relief at the pumps with a decrease in diesel and Liquefied Petroleum Gas (LPG) prices, marking the second consecutive drop in January.

    The decline expected to take effect today, Wednesday, January 17, is a projection made by the Chamber of Petroleum Consumers (COPEC).

    While the exact adjustments are pending, COPEC anticipates a reduction in diesel and LPG prices due to a global decline in finished product prices, despite a slight depreciation of the Ghanaian cedi against the dollar.

    Petrol prices are expected to remain relatively stable, with a possible minor upward adjustment of around 1%, reflecting current international market trends.

    COPEC Executive Secretary Duncan Amoah pointed to current international market trends as the reason for the decline.

    “Diesel prices dipped by roughly 2.8% per metric ton on the global market, while petrol experienced a slight increase of 3.6%. The cedi has remained relatively stable overall, although we’ve seen a 0.47-point dip in exchange rates,” Amoah said.

    He added, “Overall, what our expectation is that prices of petrol are likely to remain stable with a 1 percent upward adjustment.

    “Diesel is likely to see some reduction while LGP is also likely to see some reduction effective Wednesday which is the second window for January.”

  • COPEC predicts fall in fuel prices by over 2.5% effective Jan. 17

    COPEC predicts fall in fuel prices by over 2.5% effective Jan. 17

    Fuel consumers can anticipate relief at the pumps with a decrease in diesel and Liquefied Petroleum Gas (LPG) prices, marking the second consecutive drop in January.

    The decline expected to take effect on Wednesday, January 17, has been projected by the Chamber of Petroleum Consumers (COPEC).

    While the exact adjustments are pending, COPEC anticipates a reduction in diesel and LPG prices due to a global decline in finished product prices, despite a slight depreciation of the Ghanaian cedi.

    Petrol prices are expected to remain relatively stable, with a possible minor upward adjustment of around 1%, reflecting current international market trends.

    COPEC Executive Secretary Duncan Amoah pointed to current international market trends as reason for the decline.

    “Diesel prices dipped by roughly 2.8% per metric ton on the global market, while petrol experienced a slight increase of 3.6%. The cedi has remained relatively stable overall, although we’ve seen a 0.47-point dip in exchange rates,” Amoah said.

    He added, “Overall, what our expectation is that prices of petrol are likely to remain stable with a 1 percent upward adjustment.

    “Diesel is likely to see some reduction while LGP is also likely to see some reduction effective Wednesday which is the second window for January.”