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    Government to securitize $3.3bn in Central Bank loans

    Ghana withdraws $672m back-tax demand from MTN Group

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

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    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

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    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

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Removal of fuel subsidy cause of 23% increment – NPA

bycitibusinessnews
July 14, 2014
in Business, Oil And Gas, Top Stories
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The National Petroleum Authority (NPA) has attributed the 23% increment in petroleum prices to the removal of the fuel subsidies, the prices of crude oil on the international market and the depreciation of the Ghana cedi.

The Public Relations Officer of the Authority, Yaro Kasambata on the Citi Breakfast Show said since the government is no longer subsidizing the price of petroleum products, consumers would have to pay the full cost.

About two weeks ago, the NPA indicated it will increase the price of petroleum products after an acute shortage of the product hit various parts of the country, especially, Accra.

The shortage was caused by the inability of government to promptly settle its debts to Bulk Oil Distribution Companies (BDCs).

The shortage reignited the discussion on the payment of fuel subsidies as some consumers indicated their readiness to pay the full cost of petroleum prices.

Mr. Kasambata said the irregular payment of fuel subsidies by government in time past “was choking the industry…and there was this idea that let the price go so that the banks will feel the confidence they need so that Letters of Credit (LC) will be honoured by BDCs.”

He explained that the NPA determines the timing for an increment or otherwise based on the government decision to intervene.

“The government has the greater picture at any time and if tomorrow, it feels strongly that it needs to give a pesewa relief on each and every individual and they have the money to pay, we, as an Authority or even the industry will not say no to it,” he said.

Meanwhile, Deputy Energy Minister, John Jinapor said prior to the increment, the government monitored the system “to a level where it makes economic sense to pass a bit of the cost to consumers so that we can still continue to sustain the economy and run other programmes.”

He insisted the government is being “realistic” because “we cannot continuously pay about GHC 400 million to them [BDCs] when we can also use the money to ensure that hospitals run and to ensure that other parts of the economy moves on.”

 

By: Efua Idan Osam/citifmonline.com/Ghana
Follow @osamidan

 

 

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