Prices of petrol and diesel to increase averagely by about 5.7%

Prices of petrol and diesel to increase averagely by about 5.7% – COPEC

Prices of petrol and diesel are likely to increase averagely by about 5.7% over the current mean price of ¢12.45 per litre, beginning tomorrow, August 16, 2023, for the next two weeks.

The price of Liquefied Petroleum Gas is also expected to go up by about 11.9%.

According to the Chamber of Petroleum Consumers (COPEC), the expected increase is due to the 11.00% rise in prices of finished products on the international market and the about 6.79% surge in the price of crude oil, even though the forex or dollar exchange rate has relatively decreased from a previous average of ¢11.7185 to ¢11.4538 (-2.26%) per $1.

All Pump Prices are expected to be within (±5%) error margin of COPEC’s prediction.

With the new prices, petrol is expected to sell at ¢12.97 per litre on the average, while diesel will go for ¢13.43 per litre.

The 14.5 kilogramme LPG cylinder is expected to sell at ¢178.36 within the window.

Commenting, the Executive Secretary of COPEC, Duncan Amoah, urged government to do all it can to reduce taxes on LPG or to subsidise the price of LPG to promote its nationwide accessibility and usage which will eventually help save the environment.

Additionally, COPEC advocated for reduction or take off of some of the fuel taxes to lessen the burden on consumers. The total taxes and levies is about 25% of the retail prices of petrol and diesel.

Comments

Fitch Solutions retains 2025 growth rate projection at 4.2%

Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...

BoG injects $20m into FX market to support 11 BDCs

The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...

Kofi Ahovi

Search This Blog