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Fuel prices to go up by 10% effective October 16 – COPEC

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Fuel prices to go up by 10% effective October 16 – COPEC

Prices of petroleum products are expected to see a rise again beginning Sunday, October 16 as part of the adjustments for the 2nd pricing window of this month.

Fuel prices across pumps within the country are projected to see an increase of an average of 10% for both petrol and diesel, according to the Chamber of Petroleum Consumers(COPEC).

From observed figures within the downstream industry and forex movements, COPEC anticipates an average price escalation of about 10.12% for both petrol and diesel based on the increase in the price of crude oil on the international market and the depreciation of the cedi.

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“Between the current window and the next window due, 16 Oct 2022, Crude oil price is observed to have seen an increase of 3.66% from $89.46 to $92.73 per Barrel, whilst the Dollar index has further gone up by about 4.08% from GHS10.21 to GHS10.627 per Dollar as per Government rate (Conservative figures) though actual market rates are quite higher currently,” COPEC observed.

The corresponding international processed Petroleum prices for the next window average as follows:

Petrol: $964.75/MT (up by 15.72%)
Diesel: $1,097.15/MT (up by 9.60%)

Internally, the projected average price of both Petrol and Diesel for the next window is expected to be GHS13.77/L, showing a price jump of 10.12% over the current Mean fuel Prices for both products across the various OMCs trading.

From observed data, Petrol, which is currently selling at an industry average of GHS11.06/L is likely to be sold at GHS12.38/L (11.88% higher) from 16 October 2022 whilst Diesel currently selling at an industry average of GHS13.95/L is likely to be sold at GHS15.16/L. (8.72% higher)

For LPG, the international price is estimated to hit $618.34/MT (up by 3.81%); the price of LPG is likely to go up by 5.04% to sell around GHS10.21/kg.

Considering no sudden jerks in Crude Oil pricing, that may lead to changes in Petrol, Diesel, and LPG Prices on the International market, the Mean Ex-pump prices are expected to be within the projected figures by +/-2% as indicated below:

Petrol: GHS12.12/L to GHS12.63/L
Diesel: GHS14.86/L to GHS15.46/L
LPG: GHS10.01/kg to GHS10.41/kg

COPEC in a statement, therefore, implored the petroleum service providers to be considerate of applying the full force of the indexes in their pricing.

It added: “We are without equivocation, mindful that, the projected figures are conservatively lower than what the actuals could be due to the continuous depreciation of the local currency.”

It further admonished: “Government to do whatever it deems necessary, to ensure an urgent stabilization of the cedi to the Dollar exchange rate to prevent pricing of petroleum products getting to an impending disaster as the effect of these steep increases in fuel prices cuts across all sectors of the local economy and to also further ensure some drastic reductions of some of the existing taxes and levies on Petroleum products to help ease the burden on consumers.”

Source: Ghana/Starrfm.com.gh/103.5 Fm

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GENERAL NEWS

Cozy Riddim and Yadozie Release Powerful New Single “Biko Baby” – A Fusion of Afrobeats, Dancehall, & Modern R&B

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This dynamic track is now available on all major streaming platforms, bringing together the rhythmic beats of Afrobeats and infectious ass of a Dancehall track with the soulful tones of modern R&B.

“Biko Baby” is a vibrant anthem that captures the essence of contemporary African & Caribbean music, blending infectious melodies with heartfelt lyrics. The song is a plea for love, evoking both
joy and longing through its captivating rhythm and emotional depth.

Cozy Riddim and Yadozie’s collaboration showcases their unique ability to create music that resonates with audiences across the globe.

Cozy Riddim, known for his innovative approach to Afrobeats, and Yadozie, celebrated for his smooth vocal delivery, have crafted a song that transcends cultural and musical boundaries. “Biko
Baby” is a testament to the artists’ dedication to their craft and their commitment to pushing the
limits of genre and style.

“I wanted to create something that speaks to as a testament to my love for Afrobeats and Dancehall” says Cozy Riddim. “Biko Baby is about connecting with that special someone, but it’s also about the universal experience of love and longing while incorporating a bounciness capable of being played in clubs and parties. Yadozie brought his incredible vocal talent to the track, really bringing it to life, and together we created something truly special.”

Yadozie adds, “Working on ‘Biko Baby’ was a unique experience. The synergy between our styles allowed us to explore new creative territories. I believe this track will resonate with anyone who has
ever felt the intensity of love & lust along with the celebration of multiple cultures.
“Biko Baby” is more than just a song—it’s an experience. It’s a celebration of love, culture, and the power of collaboration of music cultures.

About Cozy Riddim:
Cozy Riddim is a rising Nigerian producer in the Afrobeats scene, known for his innovative sound that blends traditional African rhythms with contemporary influences.

His music is a reflection of his roots and interests and his vision for the future of African music.

About Yadozie:
Yadozie is an acclaimed Nigerian artist whose smooth vocals and emotive performances have earned him recognition in the music industry. His work is characterized by its lyrical depth and its ability to connect with listeners on a personal level.

Follow Cozy Riddim on social media:

Instagram: https://www.instagram.com/cozyriddim/
Tiktok: https://www.tiktok.com/@cozyriddim1

 

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GENERAL NEWS

DEBUT ALBUM: Miriam Mandipira & The Soul Family

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DEBUT ALBUM by Miriam Mandipira & The Soul Family!
You’ve never heard a voice like Miriam Mandipira’s. Undeservedly, she doesn’t take credit for the power or presence she delivers. For Miriam, music is much more than just notes and words. It’s
magic. And faith. You can experience it LIVE and on the album, which is set to be released on September 1st.

She has been singing for as long as she can remember, growing up with her ears glued to the radio.

From the moment her school teacher asked her to sing in class, the rest has been history. From Africa to Denmark, from Book Café in Harare to Mojo Blues Bar and the big concert halls. From
Danish Radio Big Band to the Royal Theater. Music is music, and Miriam is the music.

“But it’s not about me when I sing. I’m just the instrument, and when I’m on stage with my band, I sing from a place that’s not about rules and technique but about emotions,” says the singer, who is
seriously trying her hand at songwriting – together with her Soul Family on the album “Ndiwe”, which means ‘you are the chosen one of my heart.’ The overall message is impossible to ignore
Love.

“Call me a soul singer, call me a jazz singer. I don’t care. Good music is good music, and I love interpreting other people’s songs and being inspired. At the same time, I think it’s great to try my
hand at creating and writing the songs myself – and with my friends in the Soul Family, I have found my place. They are my family, and the curiosity and respect we share are fantastic.”

You can experience that up close when Miriam & The Soul Family take the stage. The enthusiasm for music and communication is impossible to ignore and hear.

“I love to maintain the feeling of being a child. It’s an excitement and curiosity that keeps me going, and that’s why I’m so excited about every single concert – no matter how small or large it is.

Otherwise, I would never do it. This is not just a casual thing. This is a life, and everything means something,” says Miriam, who began her years in Denmark by jamming at Mojo Blues Bar, building a network.

Enjoy

 

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