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 terrible accident occurred at the base of Galenkui Mountain in Ho, claiming the lives of nine people, including babies.
The terrifying occurrence occurred as a 207 Benz was transporting goods and passengers from Abotoase to Sogakofe.
The car encountered brake failure while descending the mountain, culminating in a collision with a Zoomlion garbage truck.
Initial reports verified seven fatalities at the disaster scene, including newborns and children.
Following that, Mary Dzifa, a nurse at Ho Municipal Hospital, informed Citi News that roughly ten children had died in the disaster.
“I was at our facility yesterday, November 22, when a car rushed in with dead and injured children and injured adults, especially men. Some were attended to at the facility, and the rest who were severely injured were taken to the Ho Teaching Hospital. The dead children will be about 10.”
Officials at the Ho Teaching Hospital said that 32 people were admitted for injuries incurred, with 9 dying as a result of their injuries.
Amos Jah, the Public Relations Officer of Ho Teaching Hospital, said that the injured patients are receiving medical attention and making progress in their rehabilitation.
“I received a call from a friend yesterday who was going back to town and that he saw the accident, so I quickly informed the nurses to be on alert. Some were brought in with pickups, ambulance, tricycles; the situation was very bad, some had broken limbs, some heads almost being severed, some were bleeding from all parts of the body. After two hours, we were able to calm the situation down.”
“We had a total of 30 accident victims brought here. Two others were brought from the Municipal Hospital this morning, making it 32 in all. My information is that we lost 9 of them, 4 are kids and 5 are adults. For the kids, three were brought in dead. Those injured are responding to treatment.”
Dr Adam Bonaa, a security expert, has requested the Oti Regional Minister to restrict all public events in Nkwanta in response to the riots that have taken eight lives.
The fights, in his opinion, were avoidable.
“The Regional Minister and his men must make certain that this never happens again.” This was avoidable, yet 8 people died as a result,” he remarked on TV3’s Ghana Tonight on Tuesday, November 21.
He further suggested that “It is important to suspend all public activities that are likely to take place by the two factions, this is the surest way of letting them know that there is an authority within Nkwanta and the region.”
The Oti Regional Security Council (REGSEC) will host an emergency security meeting today, Wednesday, November 22, in response to the Nkwanta riots.
Regional Minister Joshua Gmayenaam Makubu, appearing on the Ghana Tonight show on TV3 on Tuesday, November 21, verified the number of dead and described the pandemonium as “ethnic clashes.”
“Tomorrow we are going to have an emergency security meeting again, ” he further said.
He also disclosed that there had been conflicts in town two weeks earlier between members of two tribes, Adele and Akyode.
Following the conflicts, the Minister of the Interior, Ambrose Dery, acted on the advice of the REGSEC and via Executive Instrument to impose a curfew on Nkwanta township.
The curfew will be in force from 5:00 p.m. to 6:00 a.m. on Tuesday, November 21.
On Tuesday, November 21, an attacker opened fire in the town’s central market area.
Several people have been murdered and others have been injured as a result of the incident.
The Oti Regional Security Council dispatched officers to the region to handle the situation.
“Government wishes to appeal to all to exercise restraint and to use the established mechanisms for the resolution of all their conflicts and disputes.
“Meanwhile, the Government will like to reiterate that, there is a ban on all persons in Nkwanta Township and its environs from carrying arms, ammunition or any offensive weapons and any persons found with any arms or ammunition will be arrested and prosecuted,” the Minister said.
Alban Bagbin, the Speaker of Parliament, has categorically rejected selling his official house to a private developer.
He then stated that his home was “almost sold” to a private developer.
The Speaker of Parliament recently revealed that his Accra home was sold to a private developer while he was still living there.
He said this only came to light when the developer went to the Lands Commission to register the land on Monday at the Speaker’s Breakfast Forum in Accra.
However, the Lands Commission claimed in a statement that “at no time did the Lands Commission sell the said property to a private developer.”
In a recent meeting with civil society organisations, the Speaker emphasised that his official house was on the verge of being turned over to a developer except for the intervention of the Lands Commission.
“I didn’t say my residence was sold. That was not what I said. This was just a comment in passing when I said it was almost sold but luckily, I was in possession. And I said it was when they went to Lands Commission that they realised from the search that it was the residence of the Speaker,” Alban Bagbin clarified.
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