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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

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    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

  • Business
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    • Agribusiness
    • Banking And Finance
    • Manufacturing
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    • Mining
    • Oil And Gas
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    • Tourism
    • Transport

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

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    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

  • INTERNATIONAL
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    • Asia
    • Europe
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    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

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Fuel prices reduce marginally

bycitibusinessnews
December 18, 2015
in Business, Oil And Gas, Top Stories
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Some Oil Marketing Companies (OMCs) have reduced prices of petroleum products at the pumps following a decline in the global market price of crude oil.

[contextly_sidebar id=”oN63wqMylqE27EQYZOnvKRppNPjGmkoc”]Crude prices have been sinking on the global market for some time now, this morning it sank deeper across the world  closing at its lowest level since February 2009 on worsening oversupply concerns and a stronger dollar at about $36.97.

The drop in the price of crude is expected to hurt Ghana’s revenue and foreign exchange accounts which will have a negative impact on the cedi.

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However the fall comes with some positives especially for buyers of petroleum products.

A visit to some OMCs today 18th December, 2015, showed prices of petrol, diesel and kerosene have reduced between 1 and 3 percent in line with the two-week price review window which is part of the full deregulation of the downstream petroleum sector.

At Total, the price of a litre of petrol for instance has been reduced by 8 pesewas and it is now selling at 2 cedis 699 pesewas; diesel has declined by 5 pesewas and it is now selling at 2 cedis 649 pesewas.

The price of Kerosene has also declined by 9 pesewas and it is now selling at 2 cedis 709 pesewas per litre.

Goil has also reduced its prices.

However, Champion oil has maintained prices of petroleum products at least for the past two weeks.

A litre of petrol is selling at 2.685 pesewas while a litre of diesel is selling at 2 cedis 625 pesewas.

Meanwhile the OMCs are predicting a further fall in the prices in the coming weeks.

They however contend the impact will be minimal due to the continuous depreciation of the cedi and the recent increase in the US Fed interest rate.

–

By  Pius Eduku Amihere

 

 

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