TIG Post

Tag: Fuel Price

  • Fuel price adjustments yet to reflect at some OMCs

    Fuel price adjustments yet to reflect at some OMCs

    Prices of petroleum products at the pumps remain unchanged by some major Oil Marketing Companies (OMCs) despite industry projections.


    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 performance of the local currency, the cedi, against major foreign currencies, especially the US dollar.

    This is also a result of the relatively stable crude oil prices on the international market. On the international market, a barrel of oil fell by about 0.28% from US$70.62.

    Diesel fell by 1.22%, LPG recorded 1.80% and prices of petroleum increased by 0.43%.

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

    This is also a result of the relatively stable crude oil prices on the international market. On the international market, a barrel of oil fell by about 0.28% from US$70.62.

    Diesel fell by 1.22%, LPG recorded 1.80% and prices of petroleum increased by 0.43%.

    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.

  • Oil marketers dismiss Gold-for-Oil’s role in fuel price drop

    Oil marketers dismiss Gold-for-Oil’s role in fuel price drop

    The Chamber of Oil Marketing Companies (COMAC) has dismissed claims that the previous government’s Gold-for-Oil (G4O) policy was the main reason for lower fuel prices in Ghana.

    According to COMAC, the drop in fuel prices was due to changes in global oil markets, not the G4O program.

    Ghana introduced the G4O policy in December 2022, with the first shipment arriving in January 2023. The plan aimed to stabilize fuel prices by using gold to buy petroleum products.

    However, COMAC argues that the policy covered only 10% of Ghana’s monthly fuel needs at the start and reached a peak of just 30%.

    The Chamber also noted that fuel prices in Ghana had already begun to fall before the first G4O shipment arrived. Between November 2022 and June 2023, crude oil prices dropped from $96.04 per barrel to $74.27.

    At the same time, petrol and diesel prices fell from GHS 16.57 and GHS 23 per liter to GHS 11.90 and GHS 11.96 per liter, respectively.

    Based on these trends, COMAC believes that G4O had only a small impact on price stability, with global oil supply and demand being the real driving forces behind the reductions.

    The Chamber also rejects claims that the policy significantly contributed to Ghana’s inflation rate falling from 54% in 2022 to 23.5% in 2025. It argues that, given the limited effect of G4O on fuel prices and its declining role in fuel imports, it is misleading to credit the policy for the drop in inflation.


    The Gold-for-Oil (G4O) policy was introduced by the New Patriotic Party (NPP) government in Ghana in December 2022 and implemented in January 2023. The policy aimed to use Ghana’s gold reserves to import petroleum products, hoping to stabilize fuel prices, reduce pressure on foreign exchange reserves, and ensure a stable supply of petroleum products.

    Since its implementation, the policy has had mixed results. While some government officials claim it has helped reduce fuel premiums and inflation, the Chamber of Oil Marketing Companies (COMAC) argues that external market forces, such as the decline in global oil prices post-Russia-Ukraine war, were the primary drivers behind the price reductions.

  • NPA assures of reduction in fuel prices in coming months

    The National Petroleum Authority (NPA) has assured the public of a reduction in the prices of fuel in the coming months locally.

    This is based on anticipation of the drop in the price of crude oil on the international market.

    Already, the Chamber for Petroleum Consumers Ghana (COPEC) has hinted of a six percent drop in prices at the pumps in the coming days.

    Currently, diesel is almost GH¢15 per litre while petrol sells for over GH¢11 per litre at the pumps. Some filling stations over the weekend recorded some marginal price drops.

    Speaking to Citi News, the Chief Executive Officer of NPA, Dr. Mustapha Abdul-Hamid was optimistic that fuel prices will drop.

    ”We have enough fuel in the country to meet the demands. There should be no concern regarding the supply of diesel, especially.”

    After a rampant increase in the price of fuel at the pumps, consumers seem pleased with the recent drop in prices at some fuel stations and are hopeful of further reductions in the coming months.

    This comes as some Oil Marketing Companies across the country reduced their prices by up to 60p per litre over the weekend.

     

    Source: Citinews 

     

     

  • Fuel prices hit new highs in Tanzania

    Fuel prices have hit new highs in Tanzania as tensions in eastern Europe continued to hurt the global oil market.

    According to the latest cap prices for May for petroleum products, announced late Tuesday by the Energy and Water Utilities Regulatory Authority (EWURA), petrol will be sold at Tsh3,148 ($1.36) and diesel at Tsh3,258 ($1.40) per litre at the pump in Dar es Salaam, up from Tsh2,861 ($1.23) and Tsh2,692 ($1.16), respectively in April.

    The new prices, effective Wednesday, May 4, represent an increase of 9.5 per cent for petrol and 17.1 per cent for diesel following hikes of 12 and 21 per cent, respectively in April.

    According to EWURA, the retail price for kerosene in Dar es Salaam will be Tsh3,112 ($1.34) per litre compared to Tsh2,682 ($1.15) in April and Tsh2,209 ($0.95) in March.

    “Prices of each petroleum product throughout the country will be computed based on the cost of the product received through the ports and the transport costs to the respective regions,” the agency said.

    The most expensive selling point remains Kyerwa district in the Kagera region on the border with Rwanda and Uganda, where petrol now costs Tsh3,385 ($1.46), diesel Tsh3,495 ($1.51) and kerosene Tsh3,350 ($1.44) per litre.

    EWURA explained that “about 93 percent” of the latest price changes were attributable to rising world oil market prices and “about 4 per cent to premiums”.

    “Furthermore, prices in the country are comparable to prices applicable to neighbouring countries,” it added.

    The new retail prices were announced as wholesale prices for petrol and diesel shipments offloaded at Tanzania’s main ports went past the Tsh3,000 or $1.3 per litre mark for the first time in April.

    According to EWURA, petrol shipped in through the port of Dar es Salaam will cost Tsh3,015 ($1.302) per litre, while it will cost Tsh3,028 ($1.308) for coming in through Tanga and Tsh3,044 ($1.315) for Mtwara.

    Diesel shipments were priced at Tsh3,125 ($1.35) per litre for Dar, Tsh3,131 ($1.353) for Tanga and Tsh3,176 ($1.372) for Mtwara.

    Kerosene imports came through the port of Dar es Salaam only and will be sold at Tsh2,980 ($1.287) per litre wholesale without taking into account transport costs to other parts of the country.

    Source: theeastafrican.co.ke

  • Fuel price increment: Pestle manufacturers threaten price increment, demonstration

    Pestle manufacturers in Kumasi Suame in the Ashanti Region have threatened to increase price of pestle following fuel price and transportation increment.

    The manufacturers have also threatened to embark on demonstration despite Covid-19 directives announced by President Akufo-Addo.

    The leader of pestle manufacturers in Kumasi Suame Alhassan Saanazuo expressing their grievances to Pure FM Osei Kwadwo said fuel price increment is collapsing pestle manufacturing business.

    “The wood is now scarce. It is very difficult to get the wood. Sometimes we have to travel to villages far from Kumasi before we can get the wood. Transporting the wood to Kumasi is not easy due to transportation increment following fuel price increment. Our business is gradually collapsing” Alhassan Saanazuo said.

    According to him “We (Pestle Manufacturers) have any option than increase pestle price to save our business from collapsing”.

    “After transporting the wood to Kumasi to work on it, we have to transport the pestle to places to sell them since the business is slow in Kumasi. Transport the wood in and out come with cost”.

    Alhassan Saanazuo disclosed that “People now prefer the fufu machine than the pestle and mortar ways. The fufu machine is giving us tough market competition over the years”.

    Source: mypurefmonline.com

  • Reduce cost of utility, fuel and data – Mahama to government

    Former President John Dramani Mahama, has called on government to reduce utility tariffs as a measure to cushion the Ghanaian public in the period of the outbreak of the coronavirus, MyNewsGh.com reports.

    The former President believes this move would significantly ease the burden on Ghanaians who are now challenged in their line of earnings with many working from home.

    Former President Mahama in a post on his Facebook wall on Friday April 3, 2020 said, “The well-intentioned lockdown has obviously led to some unintended consequences and I believe it is time to utilize the Stabilization Fund to build some additional buffers for the economy. The use of the fund should be directed at cushioning the general population through this period of economic slowdown. These measures may include short term temporary tariff relief in respect of utilities.”

    While acknowledging the recent drop in the prices of fuel, he further admonished government to add relief in the form of a temporary waiver of some petroleum taxes to further reduce fuel prices saying it “will be helpful to the motoring public, especially commercial drivers.”

    In making a case for Ghanaians in relation to the cost of data, the NDC flagbearer called on government through the National Communications Authority to grant a “temporary relief from the Communication Service Tax (CST) in order to grant some relief to data users. Possible discussions between the National Communications Authority (NCA) and the telecommunications companies could yield positive results in providing some relief to their customers during this difficult period.”

     

    Source: mynewsgh.com

  • Santol Energy distributes free hand sanitisers, reduces fuel prices to ¢4.9

    Santol Energy has announced what appears to be a double bonanza for motorists with the distribution of freehand sanitizers to all its customers and a reduction in prices of products at all fuel stations across the country.

    A litre of petrol is now selling at 4.9 cedis per litre, down from 5.25 a litre, one of the lowest in the market, CEO of the Company Alhaji Fareed Amin Yakubu has confirmed.

    “The free sanitizers are part of efforts by Santol to help in the fight against the deadly Coronavirus pandemic and to reduce the hoarding and racketeering of the sanitizers.

    “As for the reduction in the prices of fuel, it has always been our delight to provide our cherished customers with the lowest and most competitive prices on the market while still maintaining the product quality,” CEO of Santol Energy Alhaji Fareed said ahead of the grand opening of a brand new fuel station at Gomoa Mpata in the Central Region.

    Grand Opening

    The new station which is located close to the Apostle Safo junction in the Central Region is part of the plans by management to expand across every nook and cranny in the country and to provide motorists with superior services.

    The new station, as well as the existing ones, is set to provide ‘clean fuel and friendly service’ to its customers under hygienic conditions with safety protocols against the coronavirus pandemic, Alhaji Fareed said.

    “Drivers, passengers and their customers can be assured of good hand-washing practices with soap under running water. Drivers on a long-distance journey are to anticipate getting a promo food pack whilst those with long trailers and buses will get their trucks washed for free as drivers take a nap before they continue their long journey,” he added.

    Santol Energy which is one of the burgeoning Oil companies in the downstream sector has been meticulous in its service delivery with strict adherence to safety protocols outlined by the regulator.

    It only recently received the ISO certification which is a testimony of the company’s reliability for business, productiveness and consumer satisfaction.

    Source: Santol Energy

  • Oil price drops again to US$31, fuel prices to reduce today

    Few days after bouncing back from its sharp decline in nearly two decades, oil prices have gone down once again today.

    This was after a Saudi-Russian price war and an equities meltdown sparked by the coronavirus pandemic saw their biggest weekly losses in more than a decade.

    The Brent global benchmark was down 6% at $31.88 a barrel.

    Last week’s price war began after Saudi Arabia and other members of the OPEC oil cartel pushed for an output cut to combat the impact of the virus outbreak.

    But Moscow, the world’s second-biggest oil producer, refused prompting Riyadh to drive through massive price cuts and pledge to boost production.

    The COVID-19 outbreak added to downward pressure as it throttled global equities, with growing concerns over a potential worldwide recession and escalating travel restrictions prompting a crash in demand forecasts.

    Meanwhile, fuel prices at the pumps are expected to go down by about 10% today.

    The Institute for Energy Security (IES) had forecast between 5% and 8% price reduction in the price of fuel in the second pricing-window of March 2020.

    “Taking into consideration the 18.97% plummeting in prices of Crude oil, coupled with the 15.81% and 19.51% considerable crushing in the prices of Gasoil and Gasoline respectively on the international market; the Institute for Energy Security (IES) foresees prices of fuel on the local market falling by 5% to 8% in the second Pricing-window for March 2020”, the IES said in a statement.

    Source: classfmonline.com

  • Fuel prices to drop by 2.5% in February IES

    The Institute for Energy Security (IES) has predicted that prices of petroleum products are likely to fall by 2.5 percent at various pumps in the first pricing window of February 2020.

    The decrease, yet to take effect, is as a result of the fall in prices of Brent crude, gasoil and gasoline prices on the world market, the energy think thank indicated.

    In a statement issued by the IES, it stated that “from the 4.66 the decline in prices of Brent crude, coupled with the 8.00 percent and 5.69 percent considerable reduction in the prices of Gasoil and Gasoline respectively on the international market; the Institute for Energy Security (IES) foresees prices of fuel on the local market dropping by roughly 2.5.”

    It further said, “the expected fall of fuel prices for consumers is a reflection of market fundamentals as accepted in a deregulated market structure.”

    In the second window of January this year, fuel prices went up marginally by 9 pesewas where petrol was selling at GH¢5.50 per litre at various pumps from its previous price of GH¢5.41.

    The marginal increase was attributed to the upsurge in the price of the product on the international market.

    The Executive Secretary of Chamber of Petroleum Consumers (COPEC), Duncan Amoah, in a phone interview with GhanaWeb on January 14, 2020, predicted that “fuel prices may have to go up again because as we speak, oil companies have already taken the shield of some 6, 7 pesewas every litre they are selling. They are making loses to that amount and then the international market prices are also pushing upwards.”

     

    Source: www.ghanaweb.com

  • Consumers likely to pay more for fuel in second January pricing window — IES

    The Institute for Energy Security (IES) is predicting that oil marketing companies will likely increase the prices of their petroleum products to make up for the marginal price movement of crude oil on the international market.

    “Taking into consideration the two percent increment in prices of Crude oil, coupled with the 0.95 percent and 1.01 percent marginal increment in the prices of Gasoil and Gasoline respectively on the international market; the Institute foresees prices of fuel on the local market losing stability,” the energy policy think tank said in a press release.

    Read: Withdraw directive on new fuel price increase in 24hrs COPEC to NPA

    Currently, the national average price of fuel per litre at the pumps is still pegged at GH¢5.36 for both petrol and diesel after a scheduled increase in their prices in the first weeks of 2020 was averted by the National Petroleum Authority with the application of the Price Stabilization and Recovery Levy (PSRL).

    While the exchange rate performance — a key determinant in the price build-up — improved, the energy policy think tank argues that it would still not be enough to offset the increase in prices of oil on the international market.

    Read: Businesses worry over possible fuel price hike

    Crude oil prices continue to remain above the US$60-dollar margin for this window. Escalation of tension between the United States and Iran saw Brent Crude gaining 6 percent to reach US$70.24 per barrel the first time prices have hit that amount in more than six months.

    Oil prices tumbled as President Donald Trump signaled tensions with Iran eased. Over the last two weeks, Brent crude rose marginally from $65.43 per barrel to close at $66.74 per barrel on average terms.

     

    Source: www.citibusinessnews.com