Fuel prices to go up again!

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The Chamber of Petroleum Consumers (CPCG) expects further hike in oil prices within 10 days.

The new rates will take effect on or before Tuesday, May 18th.

In a press release signed by Executive Secretary Duncan Amoah, the CPCG stated that due to the ongoing geopolitical events, the international market price of gasoline has moved from $ 630,525 per metric ton to $ 655,625 per metric ton.

For auto gas oil (AGO) or diesel, prices went up to $ 545 per metric ton from $ 520 per metric ton. LPG also witnessed a slight increase of over $ 1.6377 during this period.

“These increases in the international market translate to about 8 pounds per liter on local pumping prices for both gasoline and diesel, or about 5% on the international price index, which represents a further increase of about 1.25% over the current pumping prices,” the statement said.

Ghana Petroleum Consumer Executive (COPEC), Duncan Amoah
Executive Secretary of the Ghana Petroleum Consumer Chamber (COPEC), Duncan Amoah

The press release further stated that “this will add to the recent increases”.

This comes just two weeks after pump prices in Ghana rose by 12% due to the introduction of some taxes, increased margins by the National Petroleum Corporation, and industry, as well as price hikes in the international market.

After instigation by citizens, the National Petroleum Corporation canceled its decision to increase the fuel margin to 17 paisa per liter.

In a statement dated May 4, the NPA revealed that “17 pesos per liter have been reduced in order to increase the previously reported NPA fuel margins to 9 pesos per liter as of Wednesday 5The tenth May 2021.

The Planning and Commodities Committee noted that since the country does not appear to have any mitigating policies to protect the average citizen from these international market price shocks, the effects of this increase will be directly reflected in the pumps and on people’s pockets.

“We call on the authorities to urgently put in place concrete strategies to prevent these increases as they severely affect the general cost of living within the country as transport operators wait to impose price increases in the coming days,” the CPCG stressed. .

Read the full statement below

Fuel prices rise again within 10 days




Barely two weeks after pump prices in Ghana rose by more than 12% due to the introduction of some taxes, increases in margins by the NPA and industry as well as increases in fuel prices in the international market are set to rise again in the next few hours.

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Geopolitical events over the past few days have led to increases in international market prices from $ 630,525 per metric ton to around $ 655,625 per metric tonne premium or gasoline as of Friday, while AGO or diesel prices have moved from $ 520 per metric ton to $ 545 per metric ton.

LPG also saw an increase of just over $ 1.6377 during this period even though the country’s currency has been relatively stable during this period.

In the international market these increases translate to about 8 GHz / L on domestic pump prices for both gasoline and diesel or about 5% on the international price index which represents a further increase of about 1.25% of the variance in current pump prices.

This variance is expected to reverse in Ghanaian pumps on or before Tuesday (05/18/2021) and ultimately add to the recent increases of over 12% from a few days ago, thus cumulative increases in Ghanaian pumps will lead to, in excess of 68 GP. Cumulative nominal / L or 14% increases in pumps during a wave of less than 10 days.

If the trend is not verified, it is likely to continue or escalate as geopolitical developments indicate bullish sentiment in the international market in the coming days.

The country does not appear to have any mitigating policies or programs to protect the average Ghanaian from these international market price shocks as the impacts are directly reflected in the pumps and pockets.




Myriad of taxes including a price stability and refund tax component on pump prices that were supposed to provide a temporary buffer at times like these for some of these price movements have rarely been used to depress Ghanaians and the market in these times when needed and hence fuel prices became unbearable On the pockets.

The country’s strategic stocks that could have also been used to offset these price movements in the international market are currently non-existent as storing and transporting bulk oil rather than holding strategic stocks has become entirely commercial in their expectations despite continuing to take money from Ghanaians at the pumps in the name of post margins, We believe that this set margin should be reconsidered if we need to reduce fuel prices.

The current state of the only national refinery in Ghana leaves much to be desired as nothing seems to work from bad management practices and decisions as no productivity occurs there, even the water has been separated during the past few weeks from the refinery due to its inability to settle a water company. Ghana is indebted.




We call on the authorities to urgently put in place concrete strategies to prevent these increases as they severely affect the general cost of living within the country as transport operators wait to impose price increases in the coming days.

Occurred.

Duncan Amoah

Executive Secretary.

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