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    E-Levy won’t be terminated because of IMF bailout – Gov’t assures

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    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

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    IMF team arrives in Ghana on Tuesday ahead of Wednesday’s bailout talks

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

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    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

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    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

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    E-Levy won’t be terminated because of IMF bailout – Gov’t assures

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

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    ‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah

    ‘Our IMF negotiations will be in best interest of Ghanaians’ – Oppong Nkrumah

    IMF team arrives in Ghana on Tuesday ahead of Wednesday’s bailout talks

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

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    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

  • TECHNOLOGY

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

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

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    • Asia
    • Europe
    • Middle East
    • US

    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

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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

byNerteley Nettey
May 16, 2022
in Local Economy, Oil And Gas, Top Stories
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Consumers of fuel may have to brace themselves for more shocks in the next couple of days because the Institute of Energy Security (IES) is forecasting a 3 to 6 percent increase in the price of petrol and LPG and 2 percent increase in the price of diesel on the local market.

According to the Institute, this is attributed to the 7.64% rise in Gasoline price, 1.90% rise in Gasoil price, and the 6.05% rise in the price of LPG on the international market plus the growing pockets of fuel shortages across the country.

Although the Cedi appreciated by 0.28% against the dollar, prices of Gasoline, Gasoil and LPG may still see an upward adjustment, barring any intervention from government.

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In the first pricing-window of May 2022, the price of fuels saw increases on the local market, in response to the rise in prices on the international market.

The current national average price for Gasoline remains at Gh¢9.41 per litre, while Gasoil is pegged at Gh¢11.12 per litre.

In a statement issued by the Institute, the IES noted that, “the upward revision of Gasoline, Gasoil, and LPG prices may be significant, on the back of rising international fuel prices, and the growing pockets of fuel shortages across the country.”

Local Fuel Market Performance

In the first pricing-window of May 2022, the price of fuels saw increases on the local market, in response to the rise in prices on the international market. Most Oil Marketing Companies (OMCs) increased the price of Gasoil by at least 5% to reach Gh¢11 plus per litre at their pumps.

The IES Marketscan identified GB Oil, Dukes, PetroSankofa, Zen Petroleum, Goodness Oil, and Benab Oil as the OMCs with the least-priced fuel on the local market. The OMCs with the highest-priced fuel on the market were found to be Total, Engen, Semanhyia, Sel, Petrosol, Goil, Shell/Vivo, and Radiance.

Within the window under assessment, the IES Marketscan found pockets of fuel shortages at numerous OMCs retail outlets across the country, with Goil leading the pack. This is the first time Ghanaians may have to hop from one fuel outlet to another looking for Gasoline/Gasoil to buy since June 2015, after the government passed the petroleum price deregulation policy that ensures full cost recovery and efficiency in the downstream petroleum sector.

World Oil Market

On the world market, the IES states that international Benchmark Brent price stayed beyond the $100 per barrel mark in this window. The lowest prices were recorded on May 10 at $102.46 per barrel. The price averaged $107.63 per barrel, representing a 0.77% increase over the previous window’s average price of $106.81 per barrel.

Over the past two weeks, oil stocks were reported by the Energy Information Administration (EIA) as falling, as Wall Street reacted to persistently high inflation, which is expected to result in additional Federal Reserve policy tightening due in part to a larger market selloff.

Oil prices fell on Monday, May 9 due to a strong currency and renewed fears that China’s ongoing lockdowns would further depress demand. The market is reported as divided on whether the threat posed by China’s lockdowns outweighs the European Union’s efforts to embargo Russian oil.

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