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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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BREAKING

A 21-Year-Old Soldier Man Dies At Ashiaman.

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A soldier belonging to the 3rd Battalion Infantry in Sunyani has been murdered in Tafia, a suburb of Ashaiman, in the Greater Accra region, on Friday, 3rd March 2023.

Imoro Sheriff, a 21-year-old boy was allegedly killed by a gang after he visited his girlfriend in the area.

Imoro, whose position could not be immediately verified, was attacked with knives and other weapons, immediately after leaving the girl­friend’s home.

It was said that Imoro usually visits his girlfriend anytime he goes to Ashaiman where he was born and raised.

When the Ghanaian Times visited the family home of Imoro, at Zongolika, a suburb of Ashaiman, on Monday, mourners were in a state of shock. The father of the deceased, Asa­nubu Imoro, confirmed the death of his son, saying he heard it via social media.

Asanubu Imoro said the son, who was based in Sunyani, Bono Region, informed him that he was attending a military programme in Accra and will visit family mem­bers on Friday.

“We were expecting him. When we called his number late into the night, there was no response. Somebody showed me a video and asked, do you know this man, that was when I identified my son.”

According to Asanubu Imoro, the military and other security agencies have been in close contact with the family as the investigation into the killing was ongoing.

When the Ghanaian Times con­tacted the Ashaiman Divisional Police Command concerning the incident, the authorities declined to speak on the matter, but indi­cated that 13 suspects had been arrested so far.
Source: Ghanaian Times.

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GENERAL NEWS

Aya Ramzy B Is About To Drop A Video For His Latest Track

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Bismark Amoako affectionately called Aya Ramzy B is a Ghanaian – Takoradi-based artist and he is the reigning artist of the year in the Western Region.

The “Jawuley” hitmaker is about to premiere the video for his current single track, titled “BACKFIRE” which features Ghana’s Best Musicians (Keche Global). The event will be held on Friday, March 3, 2023, at NK City inside Fijai – Takoradi. The rate is free.

Aya Ramzy B is pleading with the media, industry stakeholders, and the general public to come and support him, he is currently on a radio tour in the Western & Western North Regions.

 

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