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Tag: fuel

  • How Akufo-Addo’s office spent GHC51m on fuel in 9 months

    How Akufo-Addo’s office spent GHC51m on fuel in 9 months

    Member of Parliament (MP) for North Tongu, Sam Okudzeto Ablakwa, has detailed how the Presidency spent over GHC191m in nine months (i.e January to September 2022).

    Giving a breakdown of the figure in a tweet, Mr Ablakwa disclosed that fuel bills paid at the presidency within the 9-month period under review cost a colossal GHS51.1million. (51,109,137.86).

    “Empirical analysis conducted reveals that government failed abysmally in its promise to slash fuel expenditure by 50%,” he said in the tweet made on January 31, 2023.

    He further disclosed that President Akufo-Addo’s regional tours last year cost “the suffering Ghanaian taxpayer a staggering GHC16.9million (16,906,272.45).”

    Additionally, he mentioned that “an unbelievable GHS15million (15,000,000.00)” was spent by the Presidency on tyres and batteries for official vehicles.

    Also, payment for new vehicles cost the suffering Ghanaian taxpayer GHC 6.5million (6,500,000.00) .” This, he stressed was distressing considering Finance Minister Ken Ofori-Atta’s announcement of a ban on imported official vehicles in March last year.

    Other costs include; Payment for Networking and ICT Equipment which cost the suffering Ghanaian taxpayer an impressive GHS6.6million (6,600,000.00); An additional expenditure on Office Equipment/Furniture and Fittings cost the suffering Ghanaian taxpayer a fantastic GHS7.07million (7,070,315.28); and Telecommunications and Internet Services from January to September , which cost the suffering Ghanaian taxpayer a shocking GHS20million (20,000,000.00).”

    This adds to the number of revelations made by Mr Ablakwa about the President’s expenditure. He has been monitoring presidential travels on chartered jets since 2021. In June last year, he revealed that President Akufo-Addo spent GHC 34 million on luxury jet charters in 13 months. However, the Presidency contested this claim, describing it as false.

    With the details in the said report which he described as gut-wrenching, Mr Ablakwa concluded that the government was not taking seriously the request to dramatically reduce spending in the midst of an economic crisis.

    “I couldn’t agree more with the revered and celebrated Ghana Catholic Bishops’ Conference following their timely appeal to the Akufo-Addo/Bawumia government to “present a posture that is consistent with the fact that the country is in dire straits or crisis” and their further demand for “drastic government expenditure control”,” he said. 

    Source: The Independent Ghana

  • COPEC predicts drop in fuel prices this week

    COPEC predicts drop in fuel prices this week

    The price of petroleum products may decrease if the government-secured oil is made available this week, according to Duncan Amoah, Executive Director of the Chamber of Petroleum Consumers, Ghana (COPEC).

    Ghana on January 15, 2023, took delivery of 40,000 metric tons of the first consignment under the policy from the United Arab Emirates.

    Executive Director for COPEC is optimistic price of the commodity might see a drop if the distribution of the commodity is done soon.

    “The numbers pertaining to this gold-for-oil policy are very crucial. If it doesn’t solve the escalating fuel price situation, and it doesn’t solve the cedi depreciating, then we should stop the politicians from meddling in fuel or trading completely.

    “Because that will not be the situation Ghanaians are clamouring for. The numbers they will put up for the coming week will determine whether we are able to stimulate the market downwards or we are able to sustain prices where they are. Or there are some benefits to be derived as a people. If there are no benefits, then it will be difficult to go to the Bank of Ghana (BoG) to ask for money to trade in oil, we will be burnt on all sides,” Mr. Amoah said.

    Following several weeks of fall, the price of fuel spiked on Saturday, January 21, 2023, for the second pricing window.

    The instability of the local currency relative to the dollar was blamed by several stakeholders for this issue. To remedy this situation, the government began the “Gold for oil policy”.

  • CBOD urges govt to formulate framework for gold-for-oil policy

    CBOD urges govt to formulate framework for gold-for-oil policy

    The Chamber for Bulk Oil Distributors (CBODs) has entreated the government to swiftly create a framework for the gold-for-oil programme that would guide it and prevent unjust treatment.

    A week after the government received the first shipment under the agreement, some members of the chamber began working with the Bulk Oil Storage and Transportation Company Limited (BOST) to obtain the commodity.

    The chamber’s CEO, Dr. Patrick Kwaku Ofori, said that the framework is necessary to prevent prejudice.

    “I think the first consignment has already been there, some of our members were already trading with BOST. Those who already have an existing arrangement with government I think something can be done. Because we are looking forward to a potential or proper framework that will guide the whole process.

    “I know the regulator met to solicit our views in terms of ensuring that they create a level playing field so that nobody is actually disadvantaged. And also the gains from the pricing advantage that can happen through the process can also trigger down to the pumps,” Dr. Patrick Kwaku Ofori told Citinews.

    Ghana received 40,000 metric tons of the first cargo under the scheme from the United Arab Emirates on January 15, 2023.

    The government’s action is intended to address the declining foreign exchange reserves and the demand for dollars from oil importers, which are weakening the local cedi and driving up living expenses.

  • Prices of fuel reportedly drop by 8%

    Prices of fuel reportedly drop by 8%

    The cost of some petroleum products at the pump has started to decline due to some actions taken by major Oil Marketing Companies (OMCs).

    The market leader, GOIL, has announced a drop in fuel costs of more than 8%.

    The cost of diesel has been reduced by 1.50 to currently cost 14.60 per litre.

    On the other hand, gasoline is now selling for $12.40 per liter, down $1.

    The price cut by GOIL is consistent with a fortnightly review of petroleum product prices at the pumps

    Additionally, TotalEnergies has disclosed a price drop for its goods at the pump.

    Later today, additional OMCs are anticipated to adjust their petroleum product prices in a similar manner.

    As businesses strive for additional clients, it is anticipated that competition will lower fuel prices.

    There are currently over 100 OMCs operating in the nation.

    Local fuel market performance

    The second pricing window of December 2022 saw international market price falls and the Ghana cedi’s appreciation against the US dollar reflecting on the domestic fuel market positively at all Oil Marketing Companies (OMC) outlets monitored by the Institute for Energy Security.

    The price reductions seen over the pricing window peg the national average price per litre of petrol at ¢12.68 from ¢15.16, representing a 16.36% reduction over the period. Diesel national average price per litre moved from¢18.78 to ¢15.55; falling by roughly 17.20%.

    World oil market

    International Crude oil benchmark Brent fell by 0.51% in price over the previous window’s average price of $81.90 per barrel to the present average price of $81.48 per barrel.

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  • Tamale CentraI MP says he buys fuel worth ¢7000 to travel to Tamale and back

    MP for Tamale Central, Ibrahim Murtala Mohammed has disclosed how much he spends on fuel when he wants to visit his constituency.

    The Legislator in an interview with JoyNews said it costs GH¢7000 for him to travel to Tamale and return with his Land Cruiser.

    According to him, this has compelled him to resort to aircraft for his journey to Tamale.

    However, the flight fares from Accra to Tamale and Kumasi, he said are equally expensive due to the taxes imposed on fuel for aeroplanes.

    He said the government must immediately remove taxes on fuel for domestic airlines to reduce the crippling airfares.

    “If I am going to Tamale now with Land Cruiser, I need about ¢3000 to fill my tank and you will have to top up in Techiman, And when you top up, the least you can spend is ¢500.

    “So you need ¢3500 in and ¢3500 out, making ¢7000. So now, we decided to go buy air. The air ticket now, you need no less than ¢3000 return ticket for Tamale. It is absolutely ridiculous.

    “I think that the taxes that are imposed on the fuel airline use, the state could help people. If the state could subsidise it, there will not be any justification for the airline to increase their fares.”

    Meanwhile, the government has commenced plans to secure cheaper fuel for the Ghanaian market.

    A government delegation has already held meetings with major suppliers of petroleum products to find less costly fuel.

    The Deputy Energy Minister, Andrew Egyapa Mercer, Managing Director of Bulk Oil Storage Transportation Limited, Edwin Provencal and National Petroleum Authority Boss, Perry Okudzeto in November met with the Chief Executive of the Abu Dhabi National Oil Company (ADNOC), Sultan Al Jaber for to see how possible government can secure a cheaper fuel for the Ghanaian market.

    The move is expected to deal with the rising prices of petroleum products in the country.

    Government is yet to announce the details and progress of the plans in this regard.

    Source: Myjoyonline

  • Lepusi residents rush to siphon fuel from a crashed fuel tanker

    Lepusi residents in the Nanumba North municipality of the Northern region raced to syphon petrol from a fallen fuel tanker with no concern for their safety.

    According to citinewsroom.com, a petrol tanker travelling in the direction of Bimbilla crashed after colliding with a Ghana Police Service barrier at Lepusi.

    The tanker somersaulted as a result of the collision, the report claims, and its cargo spilled into the road.

    However, the locals chose to scoop the fuel into jerricans and other containers rather than fleeing from a potential explosion.

    The driver of the tanker, who confirmed the incident to Citi News, said that the accident happened after he lost control of the vehicle.

    “I did not see this coming at all. I saw the barrier late. There was also an oncoming car, so I was confused.

    “I did not know whether to avoid the barrier or the oncoming car. So, in an attempt to escape it, I ran into the barrier,” he narrated.

  • Fuel allocations to political appointees and heads of MDAs, MMDAs, SOEs slashed by 50%

    Government has announced a 50% cut in fuel allocations to all political appointees and heads of MDAs, MMDAs, and SOEs. 

     This, according to the Finance Minister, Ken Ofori-Atta, forms part of measures “toward expenditure rationalisation.”

    Addressing Parliament while presenting the 2023 budget statement and economic policy on November 24, 2022, the Minister announced that the directive takes effect from January 2023.

    “Mr. Speaker, as a first step toward expenditure rationalisation, Government has approved the following directives which takes effect from January, 2023:All MDAs, MMDAs and SOEs are directed to reduce fuel allocations to Political Appointees and heads of MDAs, MMDAs and SOEs by 50%.

    “This directive applies to all methods of fuel allocation, including coupons, electronic cards, chit systems, and fuel depots. Accordingly, 50% of the previous years (2022) budget allocation for fuel shall be earmarked for official business pertaining to MDAs, MMDAs and SOEs,” he said.

    Additionally, measures toward expenditure rationalisation include a ban on the use of V8s and V6s by government officials (except for across country travel).

    Government has also announced a limited budgetary allocation for the purchase of vehicles.

    “For the avoidance of doubt, purchase of new vehicles shall be restricted to locally assembled vehicles,” the Minister said.

    “Only essential official foreign travel across the government, including SOEs, shall be allowed,” he added.

    These directives come at a time when the country has been plunged into an economic crisis.

    Amidst the crisis, there have been calls for the government to cut down on its expenditure. 

    An Associate Professor of Political Science and a former Director of the Centre for European Studies of the University of Ghana, Prof Ransford Gyampo was one of the active voices championing this course. 

    In line with the calls, the government initially announced a 30% slash in the salaries of some of its appointees. Subsequently, it has announced a 50% slash in fuel allocations to all political appointees.

     

    Meanwhile, the prices of goods and services continue to soar. Inflation currently stands at 40.4%, and fuel prices continue to surge, making life unbearable for the average Ghanaian.

    Nonetheless, the government is confident that the measures outlined in the 2023 Budget will “redirect us on the path of macroeconomic stability and growth.”

    Source: The Independent Ghana

  • Fuel price hike: Ghanaians will have respite if Cedi continues to stabilize – IES

    The Institute for Energy Security(IES) says Ghanaians will enjoy some relief in relation to the increasing prices of fuel if the Cedi continues to maintain stability against the Dollar.

    This follows the latest prediction by the energy think-thank in the reduction of fuel prices due to the stability of the Cedi. The IES has however predicted an increment in the price of LPG.

    Speaking to Starr News, the Research and Policy Analyst with IES, Derick Hadzi said the local economy will feel the impact of the reduction soon enough if the Cedi stabilizes.

    “Two major factors that affect fuel pricing is that of the international price and the strength of the Cedi. At the international level, we do not have control over it. It depends on the forces of demand, what we have control over is the strength of our local currency. For the ending of October, the Cedi depreciated almost 30% to 45%. So for this second pricing window from November the Cedi has been a little bit stable.”

    Leading Oil Marketing company GOIL on Wednesday announced a reduction in the prices of

    Ghana’s leading indigenous Oil Marketing Company, GOIL, has announced a reduction in the pump prices of both types of gasoline (petrol) and gasoil (diesel) at all its retail outlets across the West African nation.

    A litre of petrol is now selling at Gh16.82 while diesel is selling at Gh20.50 per litre.

    Previously, a litre of petrol sold at Gh17.99 while diesel was selling at Gh¢23.49 per litre.

    This means that a litre of petrol has been reduced by Gh¢1.17 while diesel saw a reduction of Gh¢2.99 per litre.

     

  • $400m needed to import fuel a month – Dominic Nitiwul

    The Defence Minister, Dominic Nitiwul, has revealed that an amount of 400 million dollars is needed on a monthly basis to import fuel into the country.

    This, he said, is the extent to which the economy has grown.

    “The economy has grown to the extent that we need 400m dollars to import fuel alone a month,” he said.

    He made this revelation in an interview on Asempa FM’s Ekosii Sen on Wednesday.

    According to him, as a result of the growth, “if the Bank of Ghana is not able to raise over 4 million dollars in a year, of foreign exchange for fuel, they would go to the black market.”

    He went on to say that if the fuel mercenaries resort to the black market, the rate is determined, which weakens the cedi’s value.

    The Defence Minister also urged Ghanaians to help build a strong economy.

    He advised business entities to cease importing rice, chicken, toothpick, vegetable oil etc.

    “Even today tiles that we produce in the country are being imported…All the things that can be produced in the country, why do you go to buy them from outside?” he asked.

    Source: Myjoyonline

  • Affordable fuel starts with a revived TOR

    A well retooled Tema Oil Refinery (TOR) could offer Ghanaians much needed relief in the face of a rising economic crisis that has seen pump prices of fuel products shoot up by more than 100 percent this year, the energy think-tank Institute for Energy Security (IES) has said.

    In the current economic climate where countries are increasingly looking for more home-grown solutions to weather the storm, it said there is no better time than now to finally revamp the ailing refinery – since this could be pivotal in transforming the country’s economic fortunes.

    The IES’ comments come on the back of reports about top government functionaries having to leave the country’s shores to hunt for what they describe as ‘reliable and regular sources of affordable petroleum products’.

    The IES therefore believes that government’s continual appetite for reliable and affordable fuel elsewhere defeats the president’s proclaimed intention for TOR and the economy of Ghana.

    “Instead of giving priority to domestic refining of Ghana’s indigenous crude oil, government is rather resorting to gambling on the importation of liquid fuels without giving a thought to the guarantee of sufficient and reliable supply of same,” an IES statement said.

    It said the search for that heavily discounted fuel price from elsewhere is an unrealistic hope, and the team may return empty handed unless the expectation/request is exchanged with something valuable to the would-be supplier.

    “It is shocking to hear that the energy ministry is actually leading a group roaming the world looking for reliable and regular sources of affordable petroleum products for Ghanaians, abandoning its role of urgently bringing TOR into an operational mode to provide that reliability for an uninterrupted supply of fuel to the country,” the statement further lamented.

    It also described government’s sudden appetite for imported fuels to address reliability and cost-related issues at the expense of revamping the country’s only refinery as reactionary, morally indefensible, a misplaced priority and a deliberate attempt to increase the Ghanaian economy’s fiscal burden.

    Rather, it noted, the search for a reliable and affordable source of petroleum products starts with the Tema Oil Refinery, which has been down since March 2021 due to lack of crude oil – the refinery’s main raw material.

    The statement, signed by Fritz Moses – a research analyst at IES, insisted that the state is better-off prioritising local crude refining instead of importing refined products.

    “It beats one’s imagination how an oil-producing country with a refinery capacity of 45,000 barrels per stream day (bpsd) will have its top government officials abandon its domestic competitive advantage and rather seek to import refined petroleum product from elsewhere in the name of reliability and affordability,” part of the statement said.

    “Once more, the Institute for Energy Security (IES) wishes to appeal to the president to look within – bring back TOR in the shortest possible time, refine Ghana’s crude domestically, work to strengthen the local currency, and ensure an adequate amount of dollars is made available to importers of fuel,” it further added.

     

    Source: thebftonline.com

  • Iran’s IRGC confiscates a vessel carrying 11 million litres of fuel

    Iran’s elite Islamic Revolutionary Guard Corps (IRGC) seized the crew and cargo of a foreign ship carrying 11 million litres (2.9 million gallons) of smuggled fuel reports a local judiciary official.

    Mojtaba Ghahremani, the judiciary chief of Hormozgan’s southern province, announced on Monday that the IRGC’s naval force had confiscated the unnamed vessel in Gulf waters.

    “The captain and crew of this foreign tanker are also detained as investigations and legal procedures are being completed,” he said in a video message released by the semi-official Tasnim news website, while flanked by IRGC and judiciary personnel on the ship’s deck.

    The nationality of the vessel or its crew was not announced, but Ghahremani said the value of its cargo amounted to 2.2 trillion rials (about $6.6m).

    Tasnim also released a clip that showed the smuggled fuel on the tanker.

    “All vessels which have delivered fuel to the violating tanker will also be subject to prosecution,” the judiciary official said.

    Ghahremani said the arrested smugglers will be slapped with a financial penalty of up to 10 times the value of the confiscated cargo in addition to receiving jail sentences, while the vessel will be seized in favour of the Iranian government.

    He also described the bust as a “major blow” to organized fuel

     

     

  • Fuel prices to increase by 10% effective October 16 – COPEC predicts

    The Chamber of Petroleum Consumers (COPEC) has warned Ghanaians to brace themselves for yet another surge in fuel prices.

    Prices of petroleum products are expected to see a rise from Sunday, October 16. This forms part of the adjustments for the 2nd pricing window of this month.

    According to COPEC, fuel prices across pumps are projected to see an increase of an average of 10% for both petrol and diesel.

    From observed figures within the downstream industry, and forex movements, COPEC anticipates an average price escalation of about 10.12% for both petrol and diesel based on the increase in price of crude oil on the international market and the depreciation of the cedi.

    “Between the current window and the next window due, 16 Oct 2022, Crude oil price is observed to have seen an increase of 3.66% from $89.46 to $92.73 per Barrel, whilst the Dollar index has further gone up by about 4.08% from GHS10.21 to GHS10.627 per Dollar as per Government rate (Conservative figures) though actual market rates are quite higher currently,” COPEC observed.

    The corresponding international processed Petroleum prices for the next window averages as follows:

    Petrol: $964.75/MT (up by 15.72%)
    Diesel: $1,097.15/MT (up by 9.60%)

    Internally, the projected average price of both Petrol and Diesel for the next window are expected to be GHS13.77/L, showing a price jump of 10.12% over the current Mean fuel Prices for both products across the various OMCs trading.

    From observed data, Petrol, which is currently selling at an industry average of GHS11.06/L is likely to be sold at GHS12.38/L (11.88% higher) from 16 October 2022 whilst Diesel currently selling at an industry average of GHS13.95/L is likely to be sold at GHS15.16/L. (8.72% higher)

    For LPG, the international price is estimated to hit $618.34/MT (up by 3.81%); the price of LPG is likely to go up by 5.04% to sell around GHS10.21/kg.

    Considering no sudden jerks in Crude Oil pricing, that may lead to changes in Petrol, Diesel and LPG Prices on the International market, the Mean Ex-pump prices are expected to be within the projected figures by +/-2% as indicated below:

    Petrol: GHS12.12/L to GHS12.63/L
    Diesel: GHS14.86/L to GHS15.46/L
    LPG: GHS10.01/kg to GHS10.41/kg

    COPEC has therefore implored the petroleum service providers to be considerate of applying the full force of the indexes in their pricing.

    It added: “We are without equivocation, mindful that, the projected figures are conservatively lower than what the actuals could be due to the continuous depreciation of the local currency.”

    It further admonished: “Government to do whatever it deems necessary, to ensure an urgent stabilisation of the cedi to the Dollar exchange rate in order to prevent pricing of petroleum products getting to an impending disaster as the effect of these steep increases in fuel prices cuts across all sectors of the local economy and to also further ensure some drastic reductions of some of the existing taxes and levies on Petroleum products to help ease the burden on consumers.”

  • Fuel prices to go up further by 10% effective October 16 – COPEC

    Prices of petroleum products are expected to see a rise again beginning Sunday, October 16 as part of the adjustments for the 2nd pricing window of this month.

    Fuel prices across pumps within the country are projected to see an increase of an average of 10% for both petrol and diesel, according to the Chamber of Petroleum Consumers (COPEC).

    From observed figures within the downstream industry, and forex movements, COPEC anticipates an average price escalation of about 10.12% for both petrol and diesel based on the increase in price of crude oil on the international market and the depreciation of the cedi.

    “Between the current window and the next window due, 16 Oct 2022, Crude oil price is observed to have seen an increase of 3.66% from $89.46 to $92.73 per Barrel, whilst the Dollar index has further gone up by about 4.08% from GHS10.21 to GHS10.627 per Dollar as per Government rate (Conservative figures) though actual market rates are quite higher currently,” COPEC observed.

    The corresponding international processed Petroleum prices for the next window averages as follows:

    Petrol: $964.75/MT (up by 15.72%)
    Diesel: $1,097.15/MT (up by 9.60%)

    Internally, the projected average price of both Petrol and Diesel for the next window are expected to be GHS13.77/L, showing a price jump of 10.12% over the current Mean fuel Prices for both products across the various OMCs trading.

    From observed data, Petrol, which is currently selling at an industry average of GHS11.06/L is likely to be sold at GHS12.38/L (11.88% higher) from 16 October 2022 whilst Diesel currently selling at an industry average of GHS13.95/L is likely to be sold at GHS15.16/L. (8.72% higher)

    For LPG, the international price is estimated to hit $618.34/MT (up by 3.81%); the price of LPG is likely to go up by 5.04% to sell around GHS10.21/kg.

    Considering no sudden jerks in Crude Oil pricing, that may lead to changes in Petrol, Diesel and LPG Prices on the International market, the Mean Ex-pump prices are expected to be within the projected figures by +/-2% as indicated below:

    Petrol: GHS12.12/L to GHS12.63/L
    Diesel: GHS14.86/L to GHS15.46/L
    LPG: GHS10.01/kg to GHS10.41/kg

    COPEC in a statement, therefore, implored the petroleum service providers to be considerate of applying the full force of the indexes in their pricing.

    It added: “We are without equivocation, mindful that, the projected figures are conservatively lower than what the actuals could be due to the continuous depreciation of the local currency.”

    It further admonished: “Government to do whatever it deems necessary, to ensure an urgent stabilisation of the cedi to the Dollar exchange rate in order to prevent pricing of petroleum products getting to an impending disaster as the effect of these steep increases in fuel prices cuts across all sectors of the local economy and to also further ensure some drastic reductions of some of the existing taxes and levies on Petroleum products to help ease the burden on consumers.”

  • NPA fines 9 companies for unlawful fuel lifting

    The National Petroleum Authority (NPA) has fined nine oil marketing companies GH¢2.22 million for engaging in illicit Third-Party trading of petroleum products, and unlawful lifting of petroleum products.

    The companies include Bello Petroleum, Jas Petroleum, Oval Energy, Kros Energy, Safety Petroleum and Santol Energy.

    The rest are Riseglobe Energy, Sayon Energy and Cigo Energy.

    In a statement, the NPA said it had directed Cigo Energy to pay a fine of GH¢725,000 comprising GH¢30,000 for engaging in third party supplies for the second time, and GH¢695,000 for the unlawful lifting of petroleum products.”

    Sayon Energy was fined GH¢425,000, made up of GH¢10,000 for engaging in third party supplies for the first time and GH¢415,000 for the unlawful lifting of petroleum products.

    Bello Petroleum was slapped with a fine of GH¢120, 000 comprising GH¢10,000 for engaging in third party supplies for the first time and GH¢110,000 for the unlawful lifting of petroleum products.

     

  • A long queue for gas in Estero, Florida

    On Friday, there are massive lines of cars waiting to fill up with gas just before 8:00 local time.

    We’re in the town of Estero, about 15 miles east of Fort Myers, in a sizable retail center with just one gas station.

    Dozens of cars are approaching the gas station from each end – all barely moving. We’ve seen similar scenes at two other stations as we approach Fort Myers.

    Sixty-year-old Dean Perfetti – who was waiting to fill up multiple jerry cans – told us he’d already been there over an hour.

    Perfetti considers himself lucky: he only had “landscape” damage to his house.

    Many of the stores in the complex are still without water. The shortages have prompted Publix – an enormous grocery store – to put yellow caution tape around its washrooms to ward off customers in need of a working toilet.

    At a store next door, school textbook vendor Kamal said the storm was by far the worst he’s seen in 10 years living in the area.

    “It was crazy,” he said. “Thankfully my house just has cosmetic damage. It could have been a lot worse.”

  • 59-year-old ‘Trotro’ driver stabbed to death by suspected armed robbers at Afrancho

    A 59-year-old trotro driver has been stabbed to death by some suspected armed robbers at Afrancho in the Afigya Kwabre South District of the Ashanti Region.

    Alex Kwadwo Boateng was found dead at a place near Blue Ice Hotel on Saturday, September 24, 2022.

    Some residents in the area who spoke to OTEC News’ Kwame Agyenim said the deceased was on his way to take his Urvan bus when the incident occurred.

    A fuel station attendant who lives in the area spoke to OTEC News; “he’s our customer, he parks his car here at our fuel station, Mr. Alex as we call him is the first to come here every morning for his car.”

    “We heard that the suspected robbers attacked him and stabbed him in the stomach while he was on his way to take the car early Saturday morning.”

    The body of the deceased has since been deposited at the Okomfo Anokye Teaching Hospital by police in the area.

  • NNPC: Churches, mosques house fingered in Nigerian fuel in pervasive oil theft

    The chairman of the state oil corporation NNPC Ltd stated on Tuesday that every section of Nigerian society is involved in the theft of millions of barrels, adding that makeshift pipes and stolen fuel have even been discovered in churches and mosques.

    Large-scale pipeline theft has slowed down exports, forced some businesses to halt production, and destroyed the economy of the nation.

    NNPC chief Mele Kyari said he was not accusing institutions, including the government, but at virtually every level of Nigerian society, individuals were siphoning off a total of around 200,000 barrels per day (bpd) from what is typically Africa’s largest exporter.

    Kyari said Nigeria was building a “national reserve company” that would run the pipelines on a commercial basis and would be able to manage theft and other issues differently.

    “In the meantime, there is very little else we can do except continue to manage (moving oil) on trucks,” he said.

    “Some of the pipelines and some of the products that we found are actually in churches and in mosques,” Kyari said, adding this meant those complicit included “members of the communities, members of the religious leaders and also, most likely, government officials”.

    It was not immediately clear if the government had found crude oil, in addition to fuel, in those places.

    The impact on exports is a reduction of 700,000 bpd, Kyari said, because theft had forced at least 700 “lock-ins” of oil production.

    “No-one produces oil so that the next person can take it,” he said. “The wise thing to do is to stop production.”

    Kyari said some of the pipeline taps were so sophisticated that they ran for 3-4 kilometers and would have involved cranes, industrial equipment, and at least 40 workers.

    NNPC has engaged companies, including those owned by ex-militants, to stem theft, and Kyari said the nation’s anti-graft agency was also following the cash and would prosecute those involved.

  • Stop creating artificial shortage COPEC to fuel retailers

    The Chamber of Petroleum Consumers (COPEC) is calling on the National Petroleum Authority (NPA) to check the issue of artificial shortage at some fuel stations.

    This follows complaints from some motorists concerning the lack of petroleum products at some pumps in particular areas in Accra.

    In a Citi News interview, Head of Research at COPEC, Benjamin Nsiah noted that NPA must sanction the fuel stations that create artificial fuel shortages.

    “COPEC has already been mentioning this particular event to the authorities, specifically NPA to ensure that when prices are about to change, they visit some of these retail outlets to check their tanks and ensure that there are products available. If any retail outlet comes to say there are no products, it means it is an intention to create a shortage.”

    Mr. Nsiah further allayed all fears of fuel shortage, adding that there was enough stock in the system to last a month.

    “We believe that there is not going to be fuel shortage in the coming month. What we know is that there is enough fuel to serve the market.”

    Source: Citi News

  • Fuel prices to decrease August 1 – NPA

    The Head of Economic Regulation at the National Petroleum Authority (NPA), Abass Ibrahim Tasunti, says his outfit is expecting further fuel price reductions at the pumps from August 1, 2022, following the reduction in prices of Petrol and Diesel on the World Market.

    Abass Ibrahim Tasunti, who was speaking to Citi Business News on the sidelines of an NPA media interaction in Takoradi assured that the NPA would be monitoring the pumps to see if fuel stations are complying with the pricing formula in changing their fuel prices.

    “The fuel price changes are influenced by changes of the price on the world market and the exchange rate in particular. We have seen reductions at the pumps in the past one month purely because the world market prices have dropped. In the next window in which we are going into, we have observed that the price of petrol and diesel have gone down again, and therefore we expect some price reductions at the pumps in the next window which starts from the 1st of August.”

    “Regarding the level of reduction, because of the deregulated pricing, the percentage changes will vary from company to company. So what we do as regulator is that we will allow the marketer to make their price changes and as we will monitor to see whether they follow the pricing formula in changing their prices“, he said.

    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.

    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: Citi Business News

  • National Cathedral fundraiser: Diana Hamilton only received something for fuel Management

    The management of award-winning gospel artiste, Diana Hamilton, have disclosed that she did not make financial demands to event organizers for her performance during the National Cathedral Fundraiser in Kumasi a few years back.

    In an interview with Metro TV, David Ennin, the gospel artiste’s manager, indicated they were given an undisclosed amount of money for ‘fuel’.

    He explained that the money given was occasioned by the delay of the program.

    “Diana performed in Kumasi when they did the Ashanti Regional one (National Cathedral fundraiser). We have a category of appreciation for artistes.

    “When you say artistes were paid, does it mean that the artist charged or they were appreciated because as far as I know, we didn’t charge.

    “I think they appreciated us, but that one I can’t disclose [the amount], and it was not anything that is close to any charge. That one we didn’t charge. Diana Hamilton performed, but she didn’t charge. But I quite remember; I think they gave something for what she did.

    “We stayed for long because the program delayed and so after everything, I think they gave something for our fuel and whatever. That is what I can say. But on authority, we didn’t charge because the was no negotiation,” he said.

    There have been multiple media reports alleging that artistes who performed at the fundraiser were paid GH₵30,000 each.

    The conversation has become topical as a result of another gospel artiste Sonnie Badu coming out to debunk reports that he received $50,000 for his performance during the National Cathedral fundraiser in the US.

    This was after a Twitter user had asked him to clear the air regarding the rumour which was being circulated.

    “Wow, thanks for alerting me, I was not given a dime .. not even a seat for me and my team. We stood outside,” Sonnie Badu responded to the tweet.

     

    Source: ghanaweb.com

  • Long queues amid fuel shortage in Lagos

    Long queues have been witnessed at petrol stations in most parts of Lagos state in south-west Nigeria after a decision by some fuel marketers to shut their operations.

    The queues that surfaced on Monday continued on Tuesday morning causing panic buying of fuel and black market sales.

    It comes as some members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) say they can no longer operate in an unconducive environment.

    The association chairman, Akin Akinrinade, told journalists that while the government had fixed 165 naira ($0.40; £0.30) for a litre of petrol, the current realities showed that the minimum price should be 180 naira to profitably sell the product.

    He cited the high cost of transporting the product and the diesel used in running the petrol stations as another reason for the withdrawal of services.

    This development had added more pain to the suffering of Lagosians.

    The long fuel queues have led to more traffic jams that the city is known for.

    The cost of transportation has also doubled and most business premises are shut due to their inability to access fuel to power their electricity generators.

    Many Nigerians use generators for power as electricity supply is not steady in the country.

    Source: BBC

  • Develop a strong customer base – Service providers told

    Ms Prisca Enyonam Tettey, Retail Network Manager of Engen Ghana Limited on Friday called on operators in the downstream petroleum industry to offer solid customer service which is critical to the development and growth of the sector.

    She said its paramount for service providers and operators in the oil marketing industries to combine the provision of huge operational structures with stronger customer relations, “the customer is the gap between the service provider and money.

    “Companies must develop a strategy that delivers good customer satisfaction through customer-centric approach across the entire organization structure from the first line of staff to the last person”.

    Ms Tettey stated during Engen Ghana Limited customer care observation and opening of a new Engen Ghana Filling Station at Oduman in Accra.

    The Engen Ghana Retail Network Manager explained that OMC and other service providers needed to upscale their operations, especially to customer service.

    Alhaji Osman Bida, Engen Ghana Oduman Service Station Dealer called for the creation of a better working environment among stakeholders in the downstream petroleum sector for industrial harmony.

    He also appealed to the driving public to cooperate and observe safety measures at filling stations that aimed at protecting life and property; stressing that scores of drivers usually refuse to switch off the engine whiles filling their cars.

    Other motorists also either receive or make phone calls at the stations which is dangerous as filling stations are hazardous environments, which demands that we all adhere to safety measures at all times.

    Alhaji Bida called for a conducive relationship with neighbours within the operational area of Filling Stations.

    Source: GNA

  • COPEC predicts fall in fuel prices by September ending

    The Chamber of Petroleum Consumers (COPEC) has predicted a decrease in the prices of fuel at the pump.

    According to COPEC, the marginal reduction should kick in by end of September.

    Executive Secretary of COPEC, Duncan Amoah, told Citi News that the fall will be 1% for petrol and 2% for diesel.

    “Our checks with the platt benchmark indicates petrol probably has lost about 4 pesewas per litre if you do just the international benchmark platt values. Again, diesel also seem to have recorded some 10 pesewas reduction. If all things are held equal, if the cedi whose performance has been quite stable over the past couple of weeks should be taken into account, Ghanaians should expect at least some marginal reduction in pump prices,” Duncan Amoah said.

    According to COPEC, it made the forecast based on world crude oil prices and as major oil-producing countries ramp up their production after the negative impact of COVID-19.

    Energy think tank, Institute of Energy Security had earlier indicated a likely increase in fuel prices for the first pricing window in September.

    Petrol is currently selling at GHS4.89 per litre while diesel is selling at GHS4.91 litre.

    Source: www.ghanaweb.com

  • OMC complexities impose enormous challenges Marketing Expert

    The complexities in the oil marketing supply-chain impose enormous challenges for both operators and consumers of petroleum products, Mr David Afiawo, a Marketing Consultant, said on Saturday and called for cooperation among stakeholders.

    He said management of petroleum products was not the responsibility of filling station attendants, dealers, and managers alone but also involved the driving public and others who operated within the vicinities of filing stations.

    He said any lapses on the part of any stakeholder, including regulators, would spell disaster and that; “We must all work together to ensure safety at filling stations and around it”.

    Mr Afiawo, speaking at the commissioning of a filling station at Osino in the Eastern Region by Engen Ghana Limited, appealed to stakeholders in the oil marketing industry to collaborate to ensure the safety of lives and property at all times.

    He called on attendants and dealers to enforce the disciplinary code including none use of mobile phones and putting off engines while purchasing petroleum products.

    Mr Afiawo emphasised the need to adopt best practices to manage challenges in the supply chain and urged the OMCs to focus on transporters of petroleum products, equipment, communication, customers, and finance as any operational deficiency had the potential of affecting the nation.

    He called for the training of frontline staff in best practices and effective customer service to inject professionalism into the field of operations.

    Alhaji Abdulai Yahaya, Dealer of the Osino Engen Filling Station, said operating a filling station in a rural environment was quite challenging but “we must not only look at the financial side of business but consider the interest of our people at the countryside”.

    “Operating oil and gas companies in some of the most physically and politically challenging environments may not offer huge financial attraction but service to the people is service to God,” he said.

    Source: GNA

  • Premix Cttee chairman fingered in fuel smuggling scheme

    The Kwesimintsim Police Command in the Western Region has arrested two taxi drivers for allegedly smuggling six drums of petroleum products suspected to be premix fuel to a fuel station at Asakai, a farming community in the Effia Kwesimintsim Municipality.

    One of the taxi drivers identified as Pope Pius is said to have confessed to the police that he was sent by the Premix Committee Chairman for Bentir, a fishing community in the Shama District, Robert Ackonu, popularly known as Kwesi Woode, to deliver the product to their customer at the station.

    Narrating the event leading to the arrest of Anthony Nyankom and Pope Pius, an NPP Polling Station Organizer for Aboadze Roman Catholic, George Abakah, revealed he had a tip-off that someone had smuggled premix from Bentir and decided to monitor the said consignment to its final destination.

    Meanwhile, the Presiding Member for the Shame District who is also the assembly member for the area Emmanuel Mark Ackon said Mr Woode is innocent of the allegation.

    Source: Starr FM

  • COPEC calls for a review of the deregulation policy in fuel pricing

    The Government of Ghana in June 2015 put in place a deregulation policy that had the expectation of allowing marketers and importers of petroleum products to set directly their own prices based on import parity costs, taxes, and margins.

    However, the Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC Ghana), Duncan Amoah has said that the deregulation policy has only brought benefit to the Government and not the populace and as such the policy needs to be reviewed.

    Speaking in an interview with Samuel Eshun on the Happy Morning Show, he explained: “Up till now the benefits we derive from the deregulation is that the country has distanced itself from fuel pricing. The government does not come into debt through the subsidies it places on fuel prices because it has been deregulated.

    Today if you go to the market, you will get different prices from different oil companies which have not been of benefit to the ordinary person. If you own a car, you may have the option of where to buy your fuel. But the public transport operator does not have that option.

    So you cannot quantify or see the real benefit to the ordinary Ghanaian. This is because transport fares are across the board. For example, if the fare from Madina to Legon is GH?1.00, it is the same price for everyone although someone may buy their fuel at a lesser price than the other.”

    He added that the deregulation system had created disparities both in pricing and quality of fuel and that has been of no benefit to the end-user.

    Duncan Amoah advised that there needs to be a solution that will allow an average market price for everyone to benefit from.

    “I think we will have to have that conversation another day on whether we are to continue with the deregulation or we find a solution so that we can have average market pricing for everybody so that we strike out the dynamics and help everyone in the country”, he added.

    Source: happyghana.com

  • COPEC calls for a review of the deregulation policy in fuel pricing

    The Government of Ghana in June 2015 put in place a deregulation policy that had the expectation of allowing marketers and importers of petroleum products to set directly their own prices based on import parity costs, taxes, and margins.

    However, the Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC Ghana), Duncan Amoah has said that the deregulation policy has only brought benefit to the Government and not the populace and as such the policy needs to be reviewed.

    Speaking in an interview with Samuel Eshun on the Happy Morning Show, he explained: “Up till now the benefits we derive from the deregulation is that the country has distanced itself from fuel pricing. The government does not come into debt through the subsidies it places on fuel prices because it has been deregulated.

    Today if you go to the market, you will get different prices from different oil companies which have not been of benefit to the ordinary person. If you own a car, you may have the option of where to buy your fuel. But the public transport operator does not have that option.

    So you cannot quantify or see the real benefit to the ordinary Ghanaian. This is because transport fares are across the board. For example, if the fare from Madina to Legon is GH?1.00, it is the same price for everyone although someone may buy their fuel at a lesser price than the other.”

    He added that the deregulation system had created disparities both in pricing and quality of fuel and that has been of no benefit to the end-user.

    Duncan Amoah advised that there needs to be a solution that will allow an average market price for everyone to benefit from.

    “I think we will have to have that conversation another day on whether we are to continue with the deregulation or we find a solution so that we can have average market pricing for everybody so that we strike out the dynamics and help everyone in the country”, he added.

    Source: happyghana.com

  • Fuel prices to go up marginally IES

    The Institute of Energy Security (IES) has projected that prices of fuel on the local market will move up marginally in the second half of the month of June 2020.

    However, the possible upward price adjustments may not be close to the increases experienced over the last two weeks.

    The projection comes after Brent crude price moved above the $35 per barrel mark within the past pricing-window. Over the period, Brent Oil hit $42.3 a barrel for the first time since 10 march. This positive gain can be attributed to the easing of restrictions in economic activities around the world, as well as reaction to OPEC+ agreed extension to historic production cuts of 9.6mbpd for additional month (till the end of July).

    Following this, Brent crude appreciated by 16.19% from $33.72 per barrel recorded at the end of the first Pricing-window of June to close $39.18 per barrel on average terms.

    IES projected the slight increase of fuel on the local market due to Brent Crude appreciating by 16.19%.

    IES, however, believes the Oil Marketing Companies (OMCs) may hesitate to increase prices at the pump owing to competition for market share.

    Source: Class FM

  • GIS intercepts 141 gallons of fuel being smuggled into Togo

    The Aflao Sector Command of the Ghana Immigration Service has intercepted 141 gallons of fuel being smuggled through unapproved routes into Togo on Saturday, June 13, 2020, following rigorous surveillance and intelligence work by some officers on duty.

    Three officers; including Inspector Sumaila Safo, ICO Anthony Bessa Denyo and IOC Wisdom Joel Adiko who were on duty at Pillar 7 (unapproved route) intercepted 129 jerricans of fuel, packed in a temporal structure erected along the borderline at Pillar 7B, such buildings according to the Ghana Immigration Service are dotted along with the border communities where illicit goods are kept for onward transportation across the borders.

    On the same night, the patrol team while on duty along the borders intercepted 12 more gallons of fuel being smuggled into Togo.

    According to the sector commander, C/Supt. Frederick Doudu attempts are being made to apprehend the criminals who have since absconded.

    He said, “It is unfortunate that the criminals had to flee upon realising they were in danger; attempts to get them arrested have proved futile as they fled into Togo but the command is resolute and hopeful of getting them apprehended.”

    He indicated that the 141 gallons of fuel are still in their custody pending further investigations and directives.

     

    Source: Starr FM

  • Reduce fuel prices or we increase fares by 20% from June 8 Drivers to government

    Commercial drivers have warned of a 20% fare increment if the government fails to reduce fuel prices latest by 8 June 2020.

    According to the True Drivers Union and the National Concerned Drivers Association, their members in adhering to the social distancing directives to aid the fight against COVID-19 agreed to cut down the number of passengers in their trotros and taxis.

    “Despite this difficulty, the price of crude oil dropped drastically but the government refused to reduce fuel prices. This attitude of the government has shown how they disregard drivers in the country,” the two groups said in a joint statement.

    The drivers say they feel neglected by the government because the government provided monetary support to cushion small scale and medium enterprises but left them out.

    The drivers say fuel prices are always being increased but the authorities have refused to allow them to increase their fares, a situation they described as “unfair.”

    “We are giving the government up June 8 to reduce the fuel prices or we will automatically increase our fares by 20% and any hindrance will cause a massive demonstration by drivers across the country,” the statement said.

     

    Source: Class FM

  • Residents scramble for fuel from accident tanker

    There were safety risks around WAMCO junction on the Takoradi to Sekondi road on Wednesday when scores of residents put their lives in danger and besieged an accident scene to draw fuel.

    A fuel tanker had been involved in an accident, and the residents took advantage of the situation to siphon the fuel without considering the inflammable nature of the product.

    The tanker was moving from the Nkotompo area, near Sekondi, towards Takoradi when the accident occurred.

    The tanker, according to eyewitnesses, fell over after being hit by a moving train.

    The tanker broke down right on the rail line and that resulted in the heavy crash.

    After the train had passed by, the diesel gushed out, and the nearby residents started rushing to the scene with containers to draw the fuel despite dangers associated with such acts.

    With time, the police arrived followed by personnel of the fire service to take control of the situation and pushed back the residents.

    “The police have started investigating the circumstances leading to the accident,” a source told DAILY GUIDE and said two occupants of the diesel tanker driver and his mate escaped unhurt.

    Recently, a two-year-old boy was burnt beyond recognition when two diesel tankers caught fire near a filling station at Apremdo in the Effia-Kwesimitsim Municipality of the Western Region.

    The diesel tankers were parked behind the filling station awaiting orders from pump managers to discharge fuel into reservoirs when they caught fire.

    Source: Daily Guide Network

  • No fuel shortages during two weeks lockdown NPA

    The National Petroleum Authority (NPA) has assured that gas filling station shall remain open during the two weeks lockdown in some parts of Ghana.

    It has therefore encouraged the general public to stop panic buying.

    In a statement issued by its corporate affairs department, NPA says it “has noted with concern the panic buying of petroleum products as a result of anticipated shortages especially in areas affected by the two weeks mandatory lockdown in both Greater Accra and Ashanti regions which is to take effect at 1:00am on Monday 30th March 2020.”

    According to the statement, this is resulting in crowding of consumers at retail outlets and thereby violating the social distancing protocols which health experts have advised is an important measure of controlling the spread of the Coronavirus (COVID19).

    “The NPA wishes to assure the general public that the country has adequate stocks of petroleum products and all retail outlets will be fully operational during the lockdown period. In view of this there will be NO SHORTAGES OF LPG, PETROL OR DIESEL in the country during and beyond the lockdown period,” it added.

    It explained that the NPA has a duty to ensure consumers have access to petroleum products and will continue to work with Petroleum Service Providers to ensure security of supplies.

    “We therefore appeal to consumers of petroleum products to avoid the temptation of crowding at fuel stations.”

    Source: Dailyguidenetwork.com

  • 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 likely to go down by 15% NPA

    All things being equal, fuel prices at the pumps may go down this month by 15% at the start of the second-pricing window.

    This comes as a result of the 30% drop in global crude prices and the relative stability of the cedi against major international currencies.

    Addressing a Press conference on Tuesday, the Chief Executive Officer of the NPA, Hassan Tampuli, indicated the said reduction may take place by March,15.

    Industry watchers, like the Chamber of Petroleum Consumers (COPEC) the Institute of Energy Security (IES) had called for between 10-32% downward adjustment to reflect the global drop in crude prices.

    Global Oil slump

    Oil prices went into free fall amid a slump in demand due to the coronavirus crisis and a trade war between Saudi Arabia and Russia.

    The price of crude oil nosedived by as much as 30%, to $33 a barrel, the worst one-day fall in crude since the start of the first Gulf war in 1991. It later recovered slightly.

    The impact has had a devastating effect on stock markets around the world but could lead to significant savings at the petrol pumps.

    Source: kasapafmonline.com

  • Tema beach gets premix fuel taskforce

    As part of measures to ensure equitable distribution of premix fuel at the Tema canoe beach, a 13-member taskforce has been inaugurated by the Tema Metropolitan Assembly (TMA).

    The taskforce as part of its terms of reference is to ensure that premix fuel is not hoarded by operators of the 10 landing sites at the Tema canoe beach as well as ensure that profit from the sale the fuel will be used for community developmental projects.

    The formation and inauguration of the taskforce is fallout of some investigations done by the TMA and the National Premix Fuel Committee on complaints received from fisher folks on the handling of the fuel at the 10 landing beaches.

    Nii Lante Bannerman, Chairman of the National Premix Fuel Committee, inaugurating the taskforce, said Tema topped in the number of complaints his outfit received on the premix fuel distribution.

    Nii Bannerman indicated that even though the approved price of premix per drum was GH¢482.00, it turned out that those in charge allegedly hoarded and sold to the fishermen at a price of GH¢1,200.00.

    He said “we realized that people are creating artificial shortage by hoarding the product depriving the fishermen of their allocation and selling at exorbitant prices to them”.

    He urged the taskforce which had a three-month tenure to ensure that 53 per cent of the profits accrued from the sale of the premix fuel from the various landing beaches were well accounted for and used for community projects chosen by the executives.

    He cautioned the taskforce members against indulging in corrupt activities and conniving with operators to hoard the fuel but should rather be vigilant.

    Source: GNA

  • COPEC demands immediate government intervention in stabilizing fuel prices

    The Chamber of Petroleum Consumers Ghana (COPEC) wants the government to apply the price stabilization levy to cushion consumers from a likely increase in the cost of fuel.

    Already, industry players have predicted a hike in fuel prices at the pumps by about two percent this month.

    This prediction is premised on among other things, volatilities in crude oil prices on the world market.

    But in a statement signed by the Executive Secretary of COPEC, Duncan Amoah, the Chamber called on government through the National Petroleum Authority (NPA) to save Ghanaians further from hardships in the new year.

    COPEC threatens court action over fuel hike

    “The issue of high incidents of taxes on the fuel price build up once again comes to the fore, the continuous charging of some outdated taxes such as the price stabilization and recovery levy ( PSRL ) and the special petroleum tax ( SPT ) clearly need to be looked at once again following from the instability in Gulf and the likely effects it will have on global petroleum prices this first quarter of 2020.”

    COPEC further argued that the impending increases of almost 30 pesewas per liter if left unattended to will simply bring further hardships and increases in the cost of living across the country, hence the intervention.

    “An immediate intervention by the National Petroleum Authority by way of review in the price stabilization and recovery levy will most likely forestall this very harsh increases that Ghanaians are likely to be greeted within this new year.”

    “We implore the government to be up and doing whiles calling on the various Oil Marketing Companies to hasten slowly with these increases as we dialogue to see if there will be some relief from the Central Government between now and early next week”, the statement concluded.

    Prosecute persons who supervised cancelled PDS deal within 14 days COPEC to government

    IES predicts two percent fuel price increase in New Year pricing window
    Two days into 2020, the Institute of Energy Security (IES), predicted an increase in fuel prices at the pumps when oil marketing companies review their prices in the first pricing window in January.

    The energy policy Think Tank explained that the drivers of the potential increase include a four percent increment in prices of crude oil as well 4.59% and 5.05% increment in the prices of gas oil and gasoline on the international market respectively.

    On the basis of the price movement, the Institute said it foresees prices of fuel on the local market potentially increasing marginally despite the cedi recording some marginal gains against the dollar within the period.

    “However, the increases could be averted or its impacts minimized if the National Petroleum Authority (NPA) applies the Price Stabilization and Recovery Levy (PSRL),” the IES advised.

    Fuel prices within the second Pricing-window of December 2019 saw the majority of the Oil Marketing Companies (OMCs) maintaining the prices of Gasoline and Gasoil unchanged.

    Source: citinewsroom.com