TIG Post

Tag: Fuel Prices

  • Fuel prices must go down immediately NDC demands

    The National Democratic Congress (NDC) has called on President Nana Addo Dankwa Akufo-Addo to immediately ensure that fuel prices at the pumps are reduced.

    According to the party, the declining prices of crude oil on the international market, amongst other factors, should have led to a drastic reduction of fuel but the government has refused to do so.

    According to the opposition, the call for reduction is to help commercial drivers as they have been compelled to reduce the number of passengers that board their vehicles in order to adhere to social distancing.

    Speaking to the media in Accra today, July 13, 2020, National Communication Officer of the NDC, Sammy Gyamfi, described the increase in fuel prices as unacceptable and demanded that prices be reduced immediately.

    “Ladies and gentlemen, we cannot end by urging government to reduce fuel prices, instead of the recent consistent increments at a time crude prices have plummeted on the world market. The need to reduce fuel prices comes at a time government has directed all commercial drivers to reduce the number of passengers they take in line with social distancing protocols. This has drastically reduced the incomes of transport owners who are still being asked to pay more for fuel. This is unacceptable, and prices must go down immediately.”

    Attendant increase in transport fares

    Commercial transport operators over the weekend increased transport fares by 15%.

    This was after the transport operators made a proposal for the government to allow them to revert to carrying their usual full seating capacity or for the fares to be adjusted upwards by 30%.

    After considering both proposals, government subsequently approved a 15% increase.

     

    Source: citinewsroom 

  • Report drivers who charge unapproved fares GPRTU to passengers

    The leadership of the Ghana Private Road and Transport Union (GPRTU) is urging passengers to report drivers who charge unapproved fares to authorities of the transport union.

    According to them, no driver must increase the transportation fare beyond the 15 percent approved by government.

    The Chairman of GPRTU, Kwame Kuma in a Citi News interview said the doors of the national and regional officer of GPRTU are open to help resolve any such challenge especially in cases where the station officers fail to take action against errant drivers.

    “At the stations, we have officers there and if they are not taking action, let the region know so that we can work on it and get the local chairman. They need to calculate and make sure that the drivers take the actual fares,” Kwame Kuma said.

    On Saturday 11th July 2020, a 15% increment in transport fares approved by the government took effect.

    A deputy Transport Minister, Nii Kwartei Titus Glover had told Citi News that the decision was taken after a meeting with transport operators on Tuesday, July 7, 2020.

    He said the transport operators made an alternative proposal which was for the government to allow them to revert to carrying their usual full seating capacity or for the fares to be adjusted upwards by 30%.

    Titus Glover said after considering both proposals, the government decided to approve the increment in transport fares by 15%.

    Even before the amount took effect, some transport operators had increased the fares beyond 15%.

     

    Source: citinewsroom 

  • Fuel prices to go up today

    Consumers of petroleum products should be prepared to pay more for fuel at the pumps beginning today, June 1, 2020.

    This follows an increment in the BOST Margin by Cabinet which was announced by the National Petroleum Authority (NPA) over the weekend.

    The BOST Margin has been increased from 3 pesewas to 6 pesewas for a litre of petroleum product.

    Meanwhile, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah says fuel prices at the pumps will go up by between five and eight percent.

    “Consumers will most likely have to pay more for fuel because world market prices, crude alone has done about 40%. With finished products such as gasoline, gas oil has also seen a sharp jump on the international market. It is quite certain that we will be doing between 5% and 8% [increase in fuel prices],” he said in an interview.

    Background 

    The BOST Margin has remained at 3 pesewas per litre since 2011.

    In December 2019, it almost went up to 6 pesewas per litre but the decision was quickly reversed following intense pressure on government by opposition parties as well as CSOs such as the Chamber of Petroleum Consumers (COPEC).

    BOST MD appeals for nine pesewas increment 

    It will be recalled that Managing Director of BOST, Edwin Provencal earlier in March appealed to the government to increase the BOST Margin from three pesewas per litre to nine pesewas.

    According to Provencal, the increment will help them maintain the deteriorating facilities at BOST, a strategic asset of the State.

     

    Meanwhile, Executive Secretary of the Chamber of Petroleum Consumers, Duncan Amoah says apart from the increment in the BOST Margin, recent increment on the world market will also result in an 8 percent rise in prices at the pump.

     

    Source: citinewsroom 

  • Kwesi Pratt, Brogya Genfi call for reduction in fuel prices

    A member of the communication team of the opposition National Democratic Congress (NDC), Brogya Genfi is urging the ruling government to reduce fuel prices.

    According to him, the prices of crude oil have dropped significantly on the global market and so the same should reflect in Ghana.

    Contributing to a panel discussion on Peace FM’s morning show ‘Kokrokoo’, Brogya Genfi asked government to be sensitive to the plight of Ghanaians and “reduce fuel prices by 20%”.

    Speaking on the same platform and on the same issue, the Managing Editor of the Insight newspaper, Kwesi Pratt Jnr supported that there will be the need for the authorities in charge to reduce fuel prices.

    “The prices need to come down to take away the huge burden and suffering of Ghanaians,” he urged.

    NDC Calls For Drastic Reduction Of Fuel Prices

    The National Democratic Congress (NDC) as a matter of urgency is demanding an immediate and drastic reduction of a minimum of 20% in the pump prices of fuel from the ruling NPP government.

    In a statement signed by the National Communication Officer, Sammy Gyamfi, he stated that; “the declining prices of crude oil on the international market, coupled with the artificial stability the Ghana cedi appears to be chalking, which is largely due to the Coronavirus outbreak and the injection of the recent $3 billion Eurobond into the economy, should have led to a significant drop in the pump prices of fuel by now.”


    Source: peacefmonline.com

  • Gov’t can’t intervene in reduction of fuel prices – Nana Damoah

    The Public Relations Officer for the Ministry of Energy, Nana Damoah says the government cannot intervene in the reduction of fuel prices.

    Responding to calls for a reduction in fuel prices in the country to reflect the global reduction in crude, Nana Damoah said the price regulation policy will not allow the government to intervene for a reduction in fuel prices.

    He said the next pricing window is on March 16 and he is hopeful the pricing will reflect the reduction on the global market.

    “Let me explained that since June 2015 Ghana has been implementing a price regulation policy now what this means is that government is no more responsible for the price setting of petroleum products however we have some price indicators the petroleum price formula which everybody is aware of unfortunately for us in the building of that policy we decided that we are going to do reviews based on a bi-weekly policy..”

    “Prices are reviewed every two weeks so whatever happened on the world market we have some stability but we can only review prices within two weeks, the next pricing window opens on the 16 of March government, therefore, government can not intervene at this point to cause a reduction in prices against the stated policy of deregulation.”

    COPEC demands a 10% reduction in fuel prices

    The Chamber of Petroleum Consumers, COPEC, is demanding a 10% reduction in fuel prices from Oil Marketing Companies (OMCs). The demand of COPEC follows the sustained decline in global crude oil prices.

    The decrease has been attributed to the price war between Russia and Suadi Arabia as well as the spread of the coronavirus.

    According to COPEC, consumers could be benefitting from a reduction of between 10%-32% compared to the 2% that consumers have been given over the past few weeks.

    Chief Executive for COPEC Duncan Amoah added, the global price is expected to decrease further and it must reflect in our fuel prices in Ghana.

    “In fact, if these petroleum service providers will be fair to all of us, anything below 10% will not be fair because your numbers as they speak, your prices are still dropping and it is expected that it will drop even further because Russia and Suadi are not done yet. ….technology is also going to suffer in one way or the other because the major producers will want to flood the market to kill the American production, will the Americans back down or they will also want to flood the market further.”

     

    Source: primenewsghana.com