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    BoG Governor confident inflation has peaked; expects rate to start declining

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    BoG’s inflation targeting framework can’t reduce rise in inflation – IEA

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    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

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    Transactions to be affected by E-levy

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    BoG Governor confident inflation has peaked; expects rate to start declining

    ActionAid Ghana Appoints John Nkaw as Country Director

    BoG’s inflation targeting framework can’t reduce rise in inflation – IEA

    Monetary Policy Rate must be increased to 19% to check inflation – IEA

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    Seth Terkper urges Gov’t to present its policy alternative to an IMF program

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    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Fuel prices to rise marginally in second pricing window of May – IES

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

  • TECHNOLOGY

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

    Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia 

    President of Cote d’Ivoire Alassane Ouattara meets Eni’s CEO Claudio Descalzi

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Fuel prices cross GH¢7 mark; represents about 40% increase in 12 months

byBobbie Osei
January 17, 2022
in Local Economy, News, Oil And Gas, Top Stories
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The price of a litre of fuel has crossed the GH¢ 7 mark for the first time at some pumps across the country.

Fuel prices per litre stayed at around Gh¢6.50 on average for a few weeks, and then rose to reach an average of Gh¢6.70 at most pumps in the past week alone, according to the Institute for Energy Security (IES).

The IES last week projected that on the back of the 7.42% increase in the price of Brent Crude, the 9.46% increase in the price of Gasoline, the 8.52% increase in Gasoil price and the 0.3% depreciation of the local currency against the US Dollar in the first 2 weeks of January, fuel prices in Ghana may hit GH¢7 soon.

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Checks by Citi Business News as of 9 pm on Sunday, January 16, 2022, showed that while a litre of petrol and diesel was going for Gh¢ 6.50 at Goil, Shell was selling both at GH¢ 6.80.

Total, however, was selling a litre of petrol at GH¢6.99 and a litre of diesel at GH¢7.05.

A review of data from the Chamber of Petroleum Consumers (COPEC) shows that the second window of January had both fuels going for about GH¢5.08, representing a year-on-year increase of about 40% when the increases at Total are taken into consideration.

In an interview with Citi Business News, Executive Secretary of COPEC, Duncan Amoah said the increases would continue.

“You can now compare the situation to a football game without a goalkeeper. As many goals that could go in will go in. When world market prices go up, the average trotro driver has to pay for it here. When the Cedi depreciates, we all pay for it here. Again, when Finance Ministers decide to slap taxes, it is the trotro drivers and the ordinary Ghanaian will have to pay for it as far as fuel prices are concerned. Nothing has been done and nothing is being done.”

“Finance Ministers have turned a deaf ear to what drivers and some of us have been saying all this while, Bank of Ghana also continues to auction Dollars, when the fuel importers would have a very good need for these Dollars in order to pay their suppliers. Unfortunately, nothing has changed, we are back to a new year and the increases will simply continue,” he added.

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