General News
Petrol will be sold at GHS12.97 per litre and diesel at GHS13.43 per litre within 48 hours, according to COPEC
The Chamber of Petroleum Consumers (COPEC) predicts that fuel prices will rise by 5.7% during the August 2023 pricing window, which begins in the next 48 hours.
The product is now available at gas stations at an average price of GH12.45 per litre.
According to COPEC, the price of LPG will rise by 11.9% for the same time period.
According to the Chamber, the predicted retail prices for various petroleum products will go into effect on Wednesday, August 16, with petrol priced at GH12.97 per litre, diesel at GH13.43, and the mean price for petrol and diesel at GH13.20 per litre, while LPG would cost GH12.30 kilogramme.
“The second pricing window of the month of August, 2023 is set to begin within the next 48 hours,” stated COPEC Executive Secretary Duncan Amoah in a statement. Pump prices of petrol and diesel are expected to rise by roughly 5.7% on average above the current national average of GH12.45/L, while LPG prices would rise by about 11.9%.”
“The following basic information forms the basis of projections for the coming window, that; prices of finished products on the international market have shot up averagely around 11% for both petrol and diesel whiles Crude price has been increased by 6.79% from the mean price of $80.67/barrel to $86.15/barrel, even though the forex or Dollar exchance rate has relatively decreased from a previous average of GHS11.7185 to GHS11.4538 (-2.26%) per $1”.
Read below the full statement by COPEC:
CHAMBER OF PETROLEUM CONSUMERS – (COPEC)
ACCRA
14 August 2023
FUEL PRICES SET TO GO UP BY ABOUT 5.7% FOR THE SECOND WINDOW OF AUGUST 2023.
The Second pricing window of the Month of August, 2023 is set to commence by the next 48 hours.
Indications are that pump prices of Petrol and Diesel are likely to increase averagely by about 5.7% over the current mean price of GHS12.45/L across the country whilst LPG prices increase by about 11.9%.
The following basic information forms the basis of projections for the coming window, that; prices of finished products on the international market has shot up averagely around 11% for both petrol and diesel whiles Crude price has been increased by 6.79% from the mean price of $80.67/barrel to $86.15/barrel, even though the forex or Dollar exchance rate has relatively decreased from a previous average of GHS11.7185 to GHS11.4538 (-2.26%) per $1.
The following shall likely be the projected retail figures for Petroleum products starting from Wednesday the 16th of August 2023.
Petrol .. GHS12.97/L
Diesel .. GHS13.43/L
The Mean Price for Petrol and Diesel..GHS13.20/L
LPG.. GHS12.30/kg
Thus for a 14.5 kg LPG cylinder, is expected to be selling at GHS178.36 within the window.
All Pump Prices are expected to be within (±5%) error margin of COPEC’s prediction.
Find below the details of the projections for the window.
Petrol
With the international price increasing from $898.55/MT to $965.58/MT (7.46%), the retail price works up to GHS12.97/L
Thus, Petrol is expected to increase by 4.37% of the current mean Pump retail price of GHS12.40/L, to close selling between GHS12.32/L and GHS13.62/L within ±5% of COPEC’s prediction.
Diesel
With the International benchmark prices increasing from $786.73/MT to $902.15/MT (14.67%), the expected mean retail pump price for the next window shall be GHS13.43/L
Thus, Diesel is expected to increase by about 7.0% of the current Mean Pump retail price of GHS12.49/L to be selling between GHS12.76/L and GHS14.10/L within ±5% of COPEC’s projection.
Mean Price of Petrol and Diesel
The Mean price of Petrol and Diesel for the coming window per the numbers shall be 13.20/L with mean pump retail price range of GHS12.54/L and GHS13.86/L, within ±5% of COPEC’s prediction.
LPG
With the international benchmark price increasing from $423.75/MT to $547.79/MT (29.27%) the projected retail price of LPG is expected to be selling averagely at GHS12.30/kg.
Thus, within ±5% error, LPG is expected to be sold between GHS11.69/kg and GHS12.92/kg
Remarks:
1. Government is still encouraged to do all it can to reduce taxes on LPG or to subsidise the price of LPG to promote or encourage its nationwide accessibility and usage which will eventually help save the environment.
2. In addition, currently, the the total taxes and levies is about 25% of the retail prices of Petrol and Diesel.
COPEC is by this advocating for reduction or to take off some of the fuel taxes to lessen the burden on consumers.
Signed.
Duncan Amoah.
Executive Secretary.
A catastrophic accident on the Accra-Kumasi road in Kubease, close to Sekyere-Nkwanta, claimed the lives of four people, including a one-year-old baby.
The deadly crash happened when an articulated truck lost control on a specific stretch of road, drifting out of its allocated lane and colliding with a Benz Sprinter bus transporting the victims.
The force of the incident was so intense that the Benz Sprinter bus somersaulted and crashed into a neighbouring ditch.
Tragically, four of the bus’s passengers died on the spot as a result of their injuries, while others on board suffered varied degrees of injury.
Following the event, wounded passengers were immediately transferred to the Ejisu Government Hospital for treatment.
Meanwhile, the corpses of the deceased were respectfully laid at Juaben Government Hospital’s mortuary.
The police have taken the driver of the articulated truck into custody to help in the continuing investigations into the horrific event.
The community and authorities are in shock and grief over the unexpected loss of life and the traumatic consequences of the incident.
As road safety remains a vital problem, this occurrence emphasises the importance of alertness and obedience to traffic laws in order to prevent more catastrophic incidents on Ghana’s roadways.
Sammi Awuku, the General Manager of the National Lottery Authority (NLA), has made a startling disclosure regarding his past.
Many people believe he was born with a golden spoon in his mouth, yet the opposite is true.
Mr Awuku explained how hardship prompted him to sell water on the street to help his parents pay for the schooling of his four sisters.
“I recall having to sell water to assist my sisters to attend Holy Child because I was the only brother and youngest of our five siblings. While others received support, I found myself totally accountable for the challenges,” he told Accra-based Peace FM.
Given this context, Mr. Awuku, a key member of Vice President Dr Mahamudu Bawumia’s campaign, stated that he would be eternally thankful for the progress he has made in his life.
“Every great guy has a scar. “It could be physical, psychological, or emotional,” he explained.
Mr Awuku emphasised the necessity of understanding the repercussions of elections.
He urged young people to vote for Vice President Dr Bawumia and the New Patriotic Party (NPP) to secure their future.
Vice President Dr Mahamudu Bawumia has reported a considerable increase in revenue collection at the Electricity Company of Ghana (ECG), citing government-led digitization measures.
The company’s monthly income increased from GH¢450 million to over a billion, demonstrating the usefulness of digital technologies in improving operational efficiency.
Dr. Bawumia addressed guests at the 14th Commonwealth Regional Conference for Heads of Anti-Corruption Agencies in Africa, emphasising the necessity of using digital technologies in the fight against corruption and urging other member nations to follow Ghana’s lead.
The NPP flagbearer also discussed the difficulties encountered throughout the digitalization process, citing instances of sabotage by ECG employees who inserted malware into the system.
Dr Bawumia described how national security actions were required to resolve the situation, eventually resulting in the arrest of the perpetrators.
“Can you believe that system staff sabotaged it? They installed ransomware across the system. The system effectively disintegrated.
“We had to send in national security to eventually find that it was some of the staff at the IT department who were culpable,” he stated.
Recalling the malware’s interruption, he emphasised the government’s prompt reaction in repairing and digitising the system.
Dr Bawumia underlined the shift away from cash payments for power, with mobile money and electronic bank transfers becoming the preferred methods of payment.
He expressed surprise at the tremendous increase in revenue collection, highlighting the change from GH¢450 million to over a billion cedis each month as proof of the effectiveness of digitalization initiatives.
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