Bussiness
Fuel prices to hit ¢11 per litre from Wednesday, March 16
Prices of petroleum products will from Wednesday, March 16 experience a significant surge as consumers are expected to pay ¢11 per litre.
The Bulk Oil Distributors has blamed the situation on the volatility on the market as well as the rising cost of crude on the international market.
According to the Chief Executive, Senyo Hosi, the cedi which is depreciating among other major trading currencies is also a factor for the rise in the price of the commodities.
“This is not really with crude but with products on a metric tonne basis. You’re actually breaking the pair and likely breaking 11 as well, subject to which product and how the OMCs want to add some margins on their current prices.
“What you see from the OMCs publication is quite reflective of what the market situation is and I think a bit chunk of it has to do with some of the onset increase around our current cedi issues,” he said.
In an interview on Joy FM’s News Night, Monday, Senyo Hosi however noted that “the Central Bank has very proactive and cooperative with industry and we’ve been working on ways to help mitigate the impact on these key commodities.”
Russia’s invasion of Ukraine has seen oil prices rise to their highest level in more than a decade and is on the verge of hitting new record, with crude prices predicted to reach as high as 185 dollars a barrel.
In its projections for the March 2022 Second Pricing Window, which will take effect from March 16, 2022, to March 31, 2022, the Institute for Energy Security (IES) has said the price of Liquefied Petroleum Gas (LPG) will go up by 3 per cent whereas petrol and diesel would go up by 5 per cent and 9 per cent respectively.
Meanwhile, the National Petroleum Authority (NPA) says the Oil Marketing Companies are not adjusting their pump prices beyond the indicative prices provided to the authority.
Communications Manager for the NPA, Mohammed Abdul-Kudus explained that “the review might be irregular but it is not illegal.”
“The OMCs and the fact they are buying it through the BDCs are minded by the consequences of the future and so you see the marginal review.”
Currently, petrol and diesel are selling at an average of ¢8.2 per litre at the pumps.
Before March 1, 2022, petrol and diesel traded at an average ¢7.50 per litre, representing an increment of 8.6 per cent in the just-ended pricing window.
In the March, 2022 First Pricing Window, the IES found that the Cedi depreciated by 4.82 per cent to close at GH¢7.17 to the Dollar from the earlier window’s rate of GH¢6.85 to $1.
With respect to the cost of fuel on the international market, the Institute found that the price of the international benchmark Brent Crude rose to 14-year highs within the period under assessment, reaching an average of $112.87 per barrel and representing an increase of 19.95 per cent over the previous window’s average price of $94.10 per barrel.
COPEC’s prediction
The Chamber of Petroleum Consumers Ghana (COPEC) has also projected that the price of diesel is likely to sell at over ¢10 per litre while petrol will cross ¢9 from Wednesday.
Source: www.myjoyonline.com
Ghana’s gold and minerals sector is set for a major spotlight as Meetings. Co, in partnership with key industry stakeholders, announces the Mining & Minerals Convention 2025, scheduled from August 26-27, 2025, at the Kempinski Hotel Gold Coast City, Accra.
Held under the theme “Shaping the Future of Ghana’s Gold Industry,”‘ the Convention will convene government leaders, regulators, miners, refiners, investors, sustainability partners, innovators, and responsible mining, and global competitiveness,policy experts to explore strategies that position Ghana’s gold industry for long-term growth.
The two-day convention will feature presidential and ministerial keynote addresses, industry thought leadership, technical paper presentations, policy dialogues, fireside chats, exhibitions, and high-level networking sessions.
Convention delegates can anticipate a dynamic and insightful experience, marked by thought leadership from leading policymakers and regulators, in-depth discussions on key topics such as sustainability, ESG, digital gold, and responsible sourcing, as well as valuable opportunities to forge public-private partnerships and investment deals.
Moreover, the event will offer practical action points aimed at unlocking greater economic value for Ghana.
The 2025 edition will be supported by a strong coalition of strategic partners, including the Ministry of Lands and Natural Resources, the Minerals Commission, GoldBod, the Minerals Income and Investment Fund (MIIF), and the Ghana Extractive Industries Transparency Initiative (GHEITI).
The Minister for Finance Hon. Cassiel Ato Forson has disclosed that a sum of nine hundred and Eighty-Seven Million, Nine Hundred and Sixty-Five thousand and Seventy-Three Ghana Cedis (GHS987,965,073.00) from the Consolidated Fund into the District Assembly Common Fund Account, being the first quarter amount due to the DACF.
Furthermore, the Finance Minister informed the House that a total amount of Two Billion, Thirty- Three Million, Four Hundred and Sixty-Nine Thousand, Six Hundred and Seven Ghana Cedis (GHS2,033,469,607) has been disbursed to the National Health Insurance Fund.
While the Ghana Education Trust Fund has also received a total of Two Billion, Seven and Ten Million, Two Hundred and Twenty-Seven Ghana Cedis (GHS2,710,227,947.00) for the months January, February, March and April,2025.
The Finance Minister disclosed this in his statement to Parliament on the payments to statutory funds on the floor of the House.
In addition, he cautioned that the Administrator of the District Assembly Common Fund is required to ensure that 80% of this amount is transferred directly to the Assemblies without fail and expenditure returns submitted to the Ministry of Finance before subsequent releases will be made.
He added that Members are encouraged to monitor the utilization of these amounts sent to their respective Assemblies in line with the approved guidelines by Cabinet.
In his closing remark, Ato Forson said he’s going to take the concerns of the House seriously.
For his part, the Majority Leader, Mahama Ayariga made known the President’s prioritization of women in the country stating that President Mahama is “Pro-women”.
This is due to the fact that women are going to be the core beneficiaries from the expenditures going to be made by the MMDA’s, he added.
The Minority Leader Alexander Afenyo-Markin questioned the Finance Minister why road contractors have not been paid for more than five months. He said the Minister must not be applauded for since the allocation of these funds were long overdue.
