Ghana likely to pay more for fuel due to Israel-Hamas-Hezbollah war

Ghana likely to pay more for fuel due to Israel-Hamas-Hezbollah war – COPEC

The Chamber of Petroleum Consumers (COPEC) has predicted that Ghana could end 2024 with significantly higher fuel prices if tensions in the Middle East continue to escalate and the cedi further depreciates.

This warning comes after some Oil Marketing Companies (OMCs) adjusted fuel prices upward in the first pricing window of October after sustained declines in four pricing windows.

Shell, which previously sold petrol [FuelSave Super] at GH¢13.49 per litre in the second pricing window of September, is now retailing the product at GHS 13.79.

Diesel [FuelSave Diesel], which was also previously retailed at GHS 13.99 per litre is now priced at GHS 14.35.
The latest round of increases has sparked concern among consumers already grappling with the high cost of living.

Executive Secretary of COPEC, Duncan Amoah, in an interview with Citi Business News on Wednesday, October 2, noted that the ongoing geopolitical tensions between Israel, Hamas and Hezbollah in Lebanon could have a rippling effect on Ghana, with consumers expected to dig deep into their pockets and pay more to fill their tanks.

Duncan Amoah observed that the gold for oil policy cannot mitigate against the expected price hikes.

You could end up paying more than you currently are paying because the Cedi is still depreciating. Israel, Hezbollah, Hamas…the triangle, whatever tensions if they escalate, will simply mean the supply side will be hampered and then demand at this time of the year is likely to surge.

“So if demand should go up due to manufacturing and aviation systems connecting, then the expectation will be that global prices or international market prices will go up.

Unfortunately for us in Ghana, we don’t have any safety nets to cushion us if they do. From where we sit, there is the possibility that Ghanaians may end the year paying a little more for fuel.”

Comments

Ghana Home Loans

With interest rates declining, a more liquid environment and a macroeconomic stability, mortgage financing is expected to see an ease of credit. And Ghana Home Loans being a leader in this industry is expected to lead the way. Ghana Home Loans (GHL), a leader in home mortgage, continues to be the frontier in fulfilling dreams of many Ghanaians in homeownership. Since starting business in 2006, it has also provided many existing homeowners with Equity Release mortgages to support their businesses, pay educational fees, improve their properties, or simply pursue other personal hobbies and interests. Ghana Home Loans is a mortgage finance institution which operates under Bank of Ghana’s supervision as a non-bank financial institution. At present, the Company remains the only such institution that focuses exclusively on the provision of mortgage product. Through the Home Completion mortgage and Home Construction mortgage products, Ghana Home Loans has enabled many qualified applican

MTN, Vodafone waive fees for calls, SMS to and from Ukraine

Due to the ongoing Russian attack on Ukraine, MTN Ghana and Vodafone Ghana have waived calls and SMS fees between customers in Ghana and Ukraine so that they can reach each other easily and at no cost at all. In a statement announcing the waiver, MTN said “We understand that some of our customers in Ukraine have experience challenges trying to contact their loved one. To this end, we have stepped in with support to ensure our customers, both at home and Ukraine, are still able to connect with family and friends.” The statement then said all of MTN customers will benefit from the waived SMS and voice call fees to and from Ukraine. The telecom giant said even though it does not have operations in Ukraine, it felt the need to be responsive to its customers in Ghana and Ukraine in time of their need, adding that it had worked with GSMA to ensure that connection between Ghana and Ukraine is much easier. Read also: Comm. ministry allegedly mulls DUOPOLY in Ghana’s telecom industry Meanwhile

Toyota selects dream car contest winners

Toyota Ghana Company Limited has awarded winners of its ‘Dream Car Art contest’ with cash prizes and books as well as other consolation prizes. Joel Osei Tetteh and Judith Osei Tetteh emerged as winners of the 0-11 age category, while Fiifi Bosomtwe, Kofi Boateng and Prinscilla Boateng topped the 11-12 age category. Yaa Duffie Danquah and Theophilus Acquah won the 13-15 age category. They were rewarded with GHc500 as the first price, GHc300- second prize and GHc200 as the third prize respectively The competition is the fifth in series organized by Toyota Motor Corporation (TMC) but this is the first time that Toyota Ghana has joined the contest. The contest was open to children of Toyota staff and customers aged 15 years and below from 64 countries and regions around the world. The MD of Toyota Ghana, Takahiko Takabayashi, hinted next year, the competition would be opened to all children within the country to provide equal opportunity for them. The contest, held since 2004, aims to cr

Kofi Ahovi

Search This Blog