Browsing: Fuel price

By Adnan Adams Mohammed In a move designed to buffer Ghanaians against the volatile international oil market, the National Petroleum…

By Adnan Adams Mohammed The Ghana petroleum market is witnessing heightened competition and a welcome drop in fuel prices,…

The Chamber of Oil Marketing Companies (COMAC) is asking the government to take steps to curb the cedi’s depreciation to…

By: Memuna Asuma Players in the trade, commerce, industries and transport businesses are expected to reduce their market prices as…

Fuel prices at the pumps have started coming down although slower than expectations of some downstream petroleum sector think-tanks.

As government keeps innovating ideas to tackle the perennial depreciation of the local currency against the international trading currencies (especially, US dollar), a negotiation to allow importers use gold to pay for imported petroleum products is ongoing.

Key stakeholders in the energy sector have given a strong swap at government’s statement that, it has sent delegation to United Arab Emirate to negotiate a cheap fuel deal for Ghana.

Alexander K. Mould believes the structural problem of making forex available can be addressed by streamlining the process by BoG working with NPA to make foreign currency available to the commercial Banks of the BDCs;

He said the union was earlier targeting a 30 to 40 per cent increase in transport fares in parity with the recent rise in the prices of petroleum products. However, he assured the public that the fare hikes will be reasonable.

The price drop is expected to range between 3% and 6% from August 1st, 2022. The expected reduction will have been bigger if not for the depreciation of the cedi against the U.S dollar.