petrol – Adomonline.com http://34.58.148.58 Your comprehensive news portal Mon, 15 Sep 2025 16:02:25 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.3 http://34.58.148.58/wp-content/uploads/2019/03/cropped-Adomonline140-32x32.png petrol – Adomonline.com http://34.58.148.58 32 32 Petroleum products prices to rise significantly from September 16 http://34.58.148.58/petroleum-products-prices-to-rise-significantly-from-september-16/ Mon, 15 Sep 2025 16:02:25 +0000 https://www.adomonline.com/?p=2578797 Ghanaian motorists and households should brace for higher petroleum prices starting Tuesday, September 16, 2025, according to the latest outlook report by the Chamber of Oil Marketing Companies (COMAC), which guides pricing decisions for oil marketing firms.

The report projects that petrol prices will increase by 3.66% to 5.86%, bringing the pump price to around GHS 14.17 per litre. Diesel could rise between 2.12% and 4.32%, potentially retailing at GHS 14.67 per litre, while Liquefied Petroleum Gas (LPG) may go up by 2.23% to 4.23%, pushing the price to about GHS 14 per kilogram.

COMAC attributed the anticipated hikes mainly to the recent depreciation of the Ghana cedi against the US dollar, which fell from GHS 11.20 to GHS 12.07 during the review period, representing a 7.76% drop. This brings the currency’s year-to-date loss to 14.02%, one of the steepest globally, according to Bloomberg.

“The decline is primarily due to strong demand for the dollar for imports ahead of the festive season,” COMAC explained.

On the international market, prices of finished petroleum products have been falling, with petrol down 2.52%, diesel 4.12%, and LPG 2.69%. However, the cedi’s depreciation has outweighed these declines, making domestic price increases inevitable.

Source: MyJoyOnline

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]]> Fuel prices drop again due to competition: Petrol selling at GH₵10.75 http://34.58.148.58/fuel-prices-drop-again-due-to-competition-petrol-selling-at-gh%e2%82%b510-75/ Thu, 19 Jun 2025 16:12:40 +0000 https://www.adomonline.com/?p=2546417

Some Oil Marketing Companies (OMCs) have begun reducing the prices of petroleum products at the pumps once again. This marks the second drop in fuel prices within the second pricing window of June.

Competition in the Petroleum Products Market (Price War)

JOYBUSINESS understands that the latest reduction is due to intense competition among major OMCs, resulting in a price war.

Market leader Star Oil, on June 19, 2025, announced a drop in the price of petrol from GH¢10.99 per litre to GH¢10.80. Diesel, which previously sold at GH¢12.77, has now reduced to GH¢12.13 per litre.

Another key player, Allied Oil, is also set to reduce its prices further, effective June 20, 2025. On June 16, the company sold petrol at GH¢10.97 per litre; the price has now dropped to GH¢10.75.

Zen Petroleum has likewise reduced its petrol price to GH¢10.75 per litre.

However, a careful analysis of the figures reveals that the price of diesel has increased slightly since June 16, 2025. The reason for this marginal rise remains unclear for now.

The Price Deregulation Policy, introduced by the government in 2015, was designed to allow competition—alongside international market trends—to drive prices down.

Outlook

Some OMCs have told JOYBUSINESS that fuel prices may go up from July 1, 2025, if the ongoing war between Israel and Iran in the Middle East does not end soon.

Since the conflict began, crude oil prices have surged from $66 per barrel to about $76 per barrel.

However, some industry experts argue that a continued appreciation of the Ghana cedi in the coming days could help offset the expected 5% or more increase in international crude prices.

Fuel prices have dropped more than six times at the pumps this year, with industry data showing that the cedi’s appreciation has played a significant role in those reductions.

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]]> Fuel prices to drop from June 16 following suspension of GH¢1.0 levy http://34.58.148.58/fuel-prices-to-drop-from-june-16-following-suspension-of-gh%c2%a21-0-levy/ Sun, 15 Jun 2025 17:52:59 +0000 https://www.adomonline.com/?p=2544807 The prices of petroleum products are expected to drop at the pumps from Monday, June 16, 2025, following the postponement of the GH¢1.0 Energy Sector Levy.

This is according to the Pricing Outlook Report compiled by the Chamber of Oil Marketing Companies (COMAC).

According to the report, this will mark the seventh fuel price drop since February 16, 2025. The implementation of the levy would have led to significant increases in fuel prices.

Pricing Dynamics from June 16, 2025

Based on the pricing outlook from June 16 to 30, 2025, secured by Joy Business from Oil Marketing Companies (OMCs):

  • Petrol is likely to be sold at GH¢11.77 per litre, representing a reduction of 1.1% to 2.25% from the June 1, 2025, price.

  • Diesel is expected to see a significant drop of up to 4.3%, with prices at GH¢12.13 per litre.

  • Liquefied Petroleum Gas (LPG) may decline by 3.2%, bringing the price per kilogram to GH¢13.30.

Reasons for the Drop

COMAC attributes the projected decline to the cedi’s continued appreciation against the US dollar, which has helped cushion local pump prices despite rising prices on the international market.

This comes in the wake of heightened geopolitical tensions, particularly the Israel-Iran conflict, which pushed Brent crude prices to about $75 per barrel.

Crude Oil Market Impact

The report notes that crude oil prices have surged globally following Israel’s military strikes on Iran’s nuclear facilities. This has raised concerns over global oil supply and caused:

  • A 4.41% increase in crude oil prices (from $65.35 to $68.23 per barrel).

  • A 1.03% increase in petrol prices and a 3.94% rise in diesel on the international market.

  • However, LPG prices declined by 1.79%.

The U.S. also partially evacuated its embassy in Iraq, further escalating market uncertainty.

Impact of GH¢1.0 Energy Sector Levy

COMAC analysis shows that if the government had implemented the additional GH¢1.0 levy, fuel prices would have risen sharply from June 16:

  • Petrol would have increased by 9.1% per litre.

  • Diesel would have gone up by 8.25% per litre.

  • LPG, not included in the levy, would have still declined by 2.29%.

Officials, however, warn that if crude prices continue to rise, consumers should brace for possible price increases from July 1, 2025.

]]> Prices of petroleum products to go up marginally from February 1 http://34.58.148.58/prices-of-petroleum-products-to-go-up-marginally-from-february-1/ Thu, 30 Jan 2025 17:36:33 +0000 https://www.adomonline.com/?p=2499077 Barring any unforeseen circumstances, the price of petrol, diesel and Liquified Petroleum Gas (LPG) will go up marginally from February 1, 2025..

According to the Chamber for Petroleum Consumers (COPEC), the retail price of petrol is expected to go by 2.93% to sell at GH¢14.697 per litre.

The projected average price of diesel for the next window would be GH¢15.869 per litre. This means the price of diesel will go up by 3.00%.

For LPG, the projected average retail price is estimated at GH¢17.224 per litre.

COPEC maintained in its statement signed by its Executive Secretary, Duncan Amoah, that the government must reduce taxes on LPG or subsidise the price of LPG to promote and encourage its nationwide accessibility and usage.

This, it said, will help save the environment from further degradation by the use of firewood.

Currently, the total taxes and levies on retail prices of petrol and diesel are estimated at 21.34%.

COPEC is also requesting for the reduction of the tax rates or take off some of the fuel taxes to lessen the burden on consumers.

Alternatively, it suggested a formula to adopted to vary the total levies with change in the dollar/cedi rate.

It further appealed to the government not to relent in getting Tema Oil Refinery (TOR) back on stream in order to avoid or reduce the importation of finished products, with associated fuel contamination.

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]]> Fuel Price Adjustment: Petrol down to GH₵15.45, diesel unchanged at GH₵15.45 http://34.58.148.58/fuel-price-adjustment-petrol-down-to-gh%e2%82%b515-45-diesel-unchanged-at-gh%e2%82%b515-45/ Tue, 19 Nov 2024 12:38:50 +0000 https://www.adomonline.com/?p=2473313 Some Oil Marketing Companies (OMCs) have started reducing prices of petroleum products at the pumps, effective November 19, 2024.

Industry giant GOIL has taken the lead by selling a litre of petrol for GH₵15.45. This represents a reduction of GH₵0.29 from the price the company charged two weeks ago.

However, GOIL has kept the price of diesel unchanged, with a litre still selling at GH₵15.45.

Reduction by Other Players

Other OMCs have indicated their intention to review prices as well. However, the exact margin of reduction is yet to be disclosed.

Currently, there are more than 150 OMCs operating in the country. The periodic price review aligns with the two-week adjustment policy for petroleum products at the pumps.

Trends in Prices

Fuel prices in Ghana have been on an upward trajectory since September 2024, primarily due to rising crude oil prices on the international market. However, crude oil prices have recently dropped from the $80-per-barrel range and are now hovering around $72 per barrel.

Cedi’s Impact on Pricing

Industry players, including Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), and energy analyst Dr. Yusif Suleman, have projected that the level of reduction in fuel prices will depend significantly on the performance of the cedi.

Mr. Amoah noted, “If the cedi maintains its favorable outlook, consumers could see a price reduction of about 5% at the pumps.”

The cedi has recorded one of its most extended periods of stability against the US dollar in recent times. This trend has been attributed to improved dollar supply from the Bank of Ghana and a slowdown in demand ahead of the Christmas festivities.

As of November 19, 2024, some commercial banks were selling a dollar at GH₵15.90.

 

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]]> Ghana retains 10th position with lowest fuel price in Africa http://34.58.148.58/ghana-retains-10th-position-with-lowest-fuel-price-in-africa-3/ Tue, 24 Sep 2024 11:14:14 +0000 https://www.adomonline.com/?p=2452610 Ghana retained its 10th position with the lowest fuel price in Africa in September 2024, GlobalPetrolPrices.com has disclosed.

This is coming despite the continuous marginal reduction of fuel prices at the pumps.

Accordingly, Ghana’s average petrol price of $0.985 per litre ranks it 43rd globally from the previous 45th.

Libya retained the number one position in Africa with the lowest fuel price of $0.031 per litre on the African continent but 2nd globally.

Egypt and Angola came 2nd and 3rd respectively with fuel prices of $0.035 and $0.323 per litre.

From 4th, 5th, 6th, 7th, 8th and 9th were Algeria ($0.348), Nigeria ($0.470), Sudan ($0.700), Ethiopia ($0.723), Tunisia ($0.834) and Liberia ($0.889) respectively.

Fuel prices fall between 2% and 4%

The prices of petroleum products fell between 2% and 4% for petrol, diesel, and Liquefied Petroleum Gas, beginning tomorrow August 1, 2024.

This follows the slowdown in the depreciation of the Ghana cedi during the second half of July 2024 and the favourable international market dynamics.

According to the Institute for Energy Security (IES), the price of petrol and deisel fell by 2.99% and 4.59% respectively and LPG by 1.10% in the second half of July 2024.

“Precisely, the price of gasoline [petrol] fell by 2.99%, gasoil [diesel] by 4.59%, and LPG by 1.10% in the second half of July 2024.  The Ghana cedi also recorded slowed depreciation (0.52%), the lowest since February 2024”.

Source: Joy Business
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]]> Prices of petrol, diesel, LPG to decrease between 2% and 5% – IES http://34.58.148.58/prices-of-petrol-diesel-lpg-to-decrease-between-2-and-5-ies/ Mon, 16 Sep 2024 10:33:29 +0000 https://www.adomonline.com/?p=2449386 Fuel prices are expected to fall between 2% and 5% at the pumps in the coming days, the Institute for Energy Security has projected.

This is due to the gains realised in the foreign fuel market and the slower depreciation of the local currency.

“The international fuel market has seen a significant drop in the prices of refined petroleum products: Gasoline [petrol] (-10.62%), Gasoil [diesel] (-6.09%), and LPG (-2.40%). The Ghanaian cedi also experienced its slowest depreciation in the first pricing window for September, with a change of – 0.09% against the U.S. dollar”.

World Oil Market

Oil prices edged higher in September 11, 2024, with Brent crude for November 2024 delivery up 2.12% to trade at $70.66 per barrel. WTI crude for October 2024 delivery also gained 2.39% to change hands at $67.32 per barrel.

The reversal in the oil price selloff came amid more shutdowns by oil and gas operators in the Gulf of Mexico with hurricane Francine expected to make landfall Wednesday afternoon or evening along the Louisiana coastline.

Local Fuel Market Performance

The first pricing window of September 2024 saw leading Oil Marketing Companies reduce the price of liquid fuels in the local fuel market.

The price per litre of petrol and diesel was lowered by an average of GH₵0.25 for petrol and GH₵0.30 for diesel. This was based on price data compiled from OMCs operating in the local fuels market.

The IES computation of the national average price for the three refined petroleum products during the first pricing window of September 2024 showed that petrol and diesel were sold at GH₵13.65 and GH₵14.10 per litre, respectively, while LPG was priced at GH₵15.10 per kilogramme (kg).

Source: Joy Business

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]]> Prices of petrol, diesel to remain stable or fall – IES http://34.58.148.58/prices-of-petrol-diesel-to-remain-stable-or-fall-ies/ Mon, 02 Sep 2024 08:57:18 +0000 https://www.adomonline.com/?p=2442474 The Institute for Energy Security (IES) is projecting price stability for petrol and diesel for the next two weeks.

However, Liquified Petroleum Gas (LPG) could see a marginal upward price adjustment of about 2% in the coming days.

Its projection took into consideration the recent deprecation of the cedi and the marginal decline in the price of liquid fuels on the world market.

“Following the marginal decline in the price of liquid fuels on the world fuels market for gasoline (-1.95%) and gasoil (-1.02%). The price of Liquefied Petroleum Gas (LPG) has recorded its second consecutive increase in the past two pricing windows, presently rising by 2.88%, the continuous depreciation of the local currency against the U.S. dollar stood at (0.47%) at the close of the trading window”, it said.

World Fuel Market

The monitoring of the global Standard & Poor’s (S&P) Platts data on petroleum products’ performance in the world fuel market shows that the prices of petrol and diesel continued to decline in the second pricing window of August 2024.

LPG in the contrast had its price increase during the same period.

Published data for the second pricing window of August 2024 also showed that petrol closed at $779.10 per metric tonne, diesel at $712.88 per metric tonne, and LPG at $559.95 per metric tonne. The net changes indicate that LPG prices inched up by 2.88%, whereas petrol and diesel prices declined by 1.95% and 1.02%, respectively.

Local Fuel Market Performance

The second pricing window of August 2024 saw Oil Marketing Companies (OMCs) reducing the price of liquid fuels on the local fuel market.

The price per litre of gasoline and gasoil decreased by an average of GH₵0.10. This is based on price data compiled from OMCs operating in the local fuels market over the period.

The  IES computation of the national average price for the three refined petroleum products during the first pricing window of August 2024 showed that petrol and diesel sold at GH₵13.91 and GH₵14.40 per litre, respectively, while LPG was priced at GH₵15.10 per kilogramme (kg).

Source: JoyBusiness

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]]> Fuel prices ease by 1.38%; Petrol now at ₵14.22, diesel ₵14.90 http://34.58.148.58/fuel-prices-ease-by-1-38-petrol-now-at-%e2%82%b514-22-diesel-%e2%82%b514-90/ Fri, 16 Aug 2024 18:50:30 +0000 https://www.adomonline.com/?p=2434945 Some Oil Marketing Companies (OMC) have started reducing prices of petroleum products at the Pumps.

Market leader GOIL is selling a litre of petrol at ₵14.22, representing 1.38 percent decline from the price quoted about two weeks ago.

Diesel has gone down by ₵0.9 per litre and is selling at ₵14.90 per liter.

Consumers will be looking forward to the margin of reduction by the more than 100 OMCs on prices.

Reasons for the Price Reviews 

Some market watchers have told JOYBUSINESS the reduction could be linked to the cedi’s sustained recovery over the past months.

The cedi’s rate of depreciation against the dollar has slowed from 7 percent in May, to and 1 percent in July.

The cedi’s rate of depreciation has slowed significantly in the first two weeks of August.

These developments are said to be one of the major contributors to the prices being reviewed at the pumps.

Some analysts have argued that if the trend should continue, there could be a further reduction in prices in the next window.

In addition, prices of crude oil have been fairly stable on the international market.

This is despite threats of war in the Middle East.

Source: Joy Business 

]]> Fuel prices to fall between 2% and 4% in coming days – IES http://34.58.148.58/fuel-prices-to-fall-between-2-and-4-in-coming-days-ies/ Wed, 31 Jul 2024 07:53:03 +0000 https://www.adomonline.com/?p=2427867 The prices of petroleum products are expected to fall between 2% and 4% for petrol, diesel, and Liquefied Petroleum Gas, beginning tomorrow August 1, 2024.

This follows the slowdown in the depreciation of the Ghana cedi during the second half of July 2024 and the favourable international market dynamics.

According to the Institute for Energy Security (IES), the price of petrol and deisel fell by 2.99% and 4.59% respectively and LPG by 1.10% in the second half of July 2024.

“Precisely, the price of gasoline [petrol] fell by 2.99%, gasoil [diesel] by 4.59%, and LPG by 1.10% in the second half of July 2024.  The Ghana cedi also recorded slowed depreciation (0.52%), the lowest since February 2024.

“Following the positive realised on the foreign fuel market coupled with the slowed depreciation of Ghana Cedi recorded on the domestic forex market, the Institute for Energy Security (IES) projects a fall in fuel prices in the coming days”.

World Oil Market

The second pricing window for July 2024 for the first time since the post-OPEC+ meeting saw Brent crude futures dropping below $80 per barrel.

This was driven lower by disappointing global demand as Chinese imports in July 2024 hit the lowest level in two years.

Brent Crude traded at $78.70 per barrel compared to $83.03 per barrel at the start of the pricing window.

Local Fuel Market Performance

The second pricing window for July 2024 saw the price of liquid fuels jump at the pumps on the local fuels market.

Oil Marketing Companies (OMCs) increased the price per litre of petrol by GH¢0.30 and Gasoil by GH¢.20 respectively.

The IES computation of the national average price for the three refined petroleum products for the first pricing window for July 2024 showed petrol and diesel selling at GH¢14.23 and GH¢14.70 per litre respectively, whereas (LPG) went for GH¢15.22 per kilogramme.

]]> Fuel price increase: petrol now at ₵15.10, diesel going for ₵15.25 a litre http://34.58.148.58/fuel-price-increase-petrol-now-at-%e2%82%b515-10-diesel-going-for-%e2%82%b515-25-a-litre/ Tue, 16 Jul 2024 10:38:06 +0000 https://www.adomonline.com/?p=2422264 Some Oil Marketing Companies (OMCs) have started increasing prices of petroleum products at the pumps.

Shell has taken the lead, selling at litre of petrol at ₵15.10 and diesel for ₵15.25.

Some of the OMCs told JoyBusiness that the increase in prices is due to the rising prices of crude oil on the international market and the depreciating cedi.

The outlook for the price of petroleum products does not look favourable as the cedi is yet to show signs of stabilising against the dollar in the coming weeks.

COPEC analysis
Earlier, the Chamber of Petroleum Consumers (COPEC) forecasted a 4.0 percentage points hike in prices of petroleum products, effective Tuesday, July 16, 2024.

COPEC reported that the retail prices for petrol, diesel, and LPG are set to rise due to the cedi’s depreciation against the dollar, shifting from $1:GHS15.2779 to $1:GHS15.462 (-1.205%).

Duncan Amoah, COPEC’s Executive Secretary, outlined expected price changes: Petrol to GHS14.795/L, Diesel to GHS15.332/L, and LPG to GHS16.205/kg, with a 14.5 kg cylinder reaching GHS234.97.

COPEC urged the government to cut taxes or subsidise LPG to boost accessibility and protect the environment.

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]]> Fuel price increase: a litre of petrol, diesel selling at GH₵14.84 http://34.58.148.58/fuel-price-increase-a-litre-of-petrol-diesel-selling-at-gh%e2%82%b514-84/ Tue, 04 Jun 2024 20:24:47 +0000 https://www.adomonline.com/?p=2404588 Some Oil Marketing Companies have started increasing the prices of petroleum products at the pumps.

Shell is selling a litre of petrol and diesel at GH₵14.84.

Market leader GOIL is however selling a litre of petrol for GH₵14.60, from its old price of GH₵14.55. Diesel is going for GH₵14.75, up from the previous price of GH₵14.70. GOIL’s price is lower compared to Shell.

Persons close to GOIL have told JOYBUSINESS that the adjustment is due to the GH₵0.05 increase in the Unified Petroleum Price Fund (UPPF) margin.

The National Petroleum Authority has directed industry players to increase the margin from June 1, 2024.

Some oil marketing companies have explained that prices at the pumps would have remained unchanged if the UPPF margin had not gone up.

More Oil Marketing firms are expected to increase their prices at the pumps.

Analysts have questioned the decision and rationale behind the NPA’s directive to increase the UPPF margin.

This is because the price of crude oil has been dropping on the World Market– which some observers say should have reflected in the prices at the pumps.

In addition, some observers and civil society organisations have argued that consumers should have enjoyed a sharp drop in prices if the cedi was stable against the dollar.

As prices increase, it is unclear how the adjustment will impact transport fares.

]]> NPA increases price floor for diesel to GH₵13.15; petrol reduced to GH₵13.60 http://34.58.148.58/npa-increases-price-floor-for-diesel-to-gh%e2%82%b513-15-petrol-reduced-to-gh%e2%82%b513-60/ Mon, 20 May 2024 18:38:11 +0000 https://www.adomonline.com/?p=2397481 The National Petroleum Authority (NPA) has announced new price floor for oil marketing companies and other players selling petroleum products from May 15 to May 31, 2024.

The period covers the first pricing window for the month.

Based on the price update seen by JOYBUSINESS, the floor price for diesel has gone up to GH₵13.15, from the old price of GH₵13.07.

Petrol on the other hand has been reduced marginally. According to the new price floor, no oil marketing company should sell a litre of petrol below GH₵13.60. This represents a reduction from the old price of GH₵13.63.

The NPA also announced that a kilogram of Liquefied Petroleum Gas must not be sold less than, GH₵12.30. This represents an increase from the GH₵10.55 the quoted as price floor from May 1 to May 15, 2024.

The price update from the NPA reminded all the various players including the Oil Marketing Companies to strictly comply with the new pricing guidelines for the industry.

The price floor announcement covers the second pricing window for petroleum products which runs from April 16 to April 30 2024.

NPA on price floor despite opposition

The National Petroleum Authority introduced the price floor mechanism to check price undercutting in the industry. It stated that the practice if not checked could threaten the stability of the industry.

The programme has faced some criticism from some players in the industry, who have described the policy as anti-free market programme.

The NPA insists the roll out of the price floor policy was based on industry consultation and recommendation by players on what steps must be taken to deal with price undercutting.

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]]> Fuel price increase: Petrol selling at GH¢14.99, diesel going for GH¢14.80 http://34.58.148.58/fuel-price-increase-petrol-selling-at-gh%c2%a214-99-diesel-going-for-gh%c2%a214-80/ Tue, 16 Apr 2024 19:23:21 +0000 https://www.adomonline.com/?p=2381848 Some Oil Marketing Companies have started increasing prices of petroleum products at the pumps in line with the two-week review period.

Market Leader, GOIL is selling a litre of petrol at ₵14.99.

Diesel is currently going for ₵14.80.

Some of the Oil Marketing Companies have attributed the increase to the recent depreciation of the cedi to the dollar.

In addition, some stakeholders have blamed the increase on government’s decision to reinstate the Price Stabilization and Recovery Levy on prices of petroleum products.

The reintroduction of the levy imposed 16 pesewas on petrol and 14 pesewas on diesel.

It is also not clear for now whether the decision of the National Petroleum Authority to set a price floor for fuel has also impacted on the prices at the pumps.

READ ALSO:

]]> Petrol, diesel prices to remain same; LPG to go up 4% – IES http://34.58.148.58/petrol-diesel-prices-to-remain-same-lpg-to-go-up-4-ies/ Mon, 18 Mar 2024 09:24:19 +0000 https://www.adomonline.com/?p=2369876 The prices of petrol and diesel are expected to stay the same for the next two weeks, the Institute for Energy Security has revealed.

However, that of Liquefied Petroleum Gas (LPG) will go up by about 4%.

Though the prices of finished products of petrol and diesel on the international market fell by 4.06% and 0.24% respectively during the past two weeks, the Ghana cedi continued to record a depreciation of about 1.09% during the period.

“Following the recent changes on the international market with Gasoil [petrol] and Gasoline [diesel], prices falling by 4.06% and 0.24%, while Liquefied Petroleum Gas price surged by 7.41%, the Ghana cedi continue to record depreciation of about 1.09%. The local fuel market is expected to price liquid fuels stable in the coming days. On the other hand, LPG price is likely to rise by 4% in the second half of March [2024]”.

World fuel market

The Global Standard & Poor (S&P) Platts platform tracking of refined petroleum price data published price per metric tonne performance as $836.38, $842.53 and $643.90 for diesel, petrol and LPG respectively, the IES said.

 Analysing the published price data over the period indicates a decrease in refined liquid fuels and an increase in LPG.

Specifically, the net price effects realised because of the change indicate 4.06% and 0.24% for diesel and petrol and 7.41% for lPG.

Local fuel market performance

The Institute for Energy Security (IES) computation of fuel price data sampled in the second pricing-window of March 2024 put the national average price for diesel at GH¢14.42 and petrol at GH¢13.42 per litre respectively.

Liquefied Petroleum Gas (LPG) also went for GH¢13.65 per kilogramme (kg).

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]]> Ghana ranked 10th in Africa with most affordable fuel prices http://34.58.148.58/ghana-ranked-10th-in-africa-with-most-affordable-fuel-prices/ Mon, 11 Mar 2024 12:42:53 +0000 https://www.adomonline.com/?p=2367481 A report by GlobalPetrolPrices.com ranks Ghana as 10th in Africa with the most affordable fuel prices in March 2024.

On the global scale, Ghana sits comfortably at the 39th position for the cheapest fuel costs.

Currently, petrol prices in Ghana range from GH¢12.02 to GH¢13.29 per liter, while diesel falls between GH¢13.21 and GH¢14.60 per liter. This represents an increase from the previous rates.

According to GlobalPetrolPrices.com, the average price of fuel which is GH¢13.03 is cheaper than the global average of $1.30 per liter.

“The importance of a low fuel price cannot be overstated, particularly in countries with low-income levels. Low gasoline prices have an impact on many facets of the global economy. They empower consumers and companies and shape the market, all while ensuring that an economy can function smoothly. For this reason, governments work to keep the price of fuel somewhat low”, the report stated.

It explained that Ghana’s ranking as the 10th cheapest fuel provider in Africa offers a double-edged sword, stressing, that while consumers and some businesses benefit, the petroleum sector might face challenges.

“By adopting strategic approaches to efficiency, tax diversification, and infrastructure development, Ghana can mitigate potential downsides and leverage this ranking to create a win-win situation for all stakeholders”, the report added.

Meanwhile, some nations sell petroleum products at a lower rate than the global average.

Affordable fuel prices play a crucial role in economies, particularly those with lower income levels. Similarly, Lower gasoline prices benefit both consumers and businesses by empowering consumers and businesses through increased purchasing power which translates to a more vibrant economy.

Fuel costs also influence market trends and consumer behavior as affordable fuel helps maintain essential operations across various sectors.

]]> Petrol, diesel prices go down – IES        http://34.58.148.58/petrol-diesel-prices-go-down-ies/ Tue, 19 Dec 2023 07:46:43 +0000 https://www.adomonline.com/?p=2334216 Prices of petrol and diesel would fall marginally from this week, as a result of a decline in prices of finished petroleum products on the world market, the Institute for Energy Securities has disclosed.

However, the price of Liquefied Petroleum Gas (LPG) could see its price going up following an increase in the product price coupled with a depreciated cedi.

“In the wake of the price falls recorded for liquid fuels: gasoline (2.84%), and gasoil (4.84%) on the international market, it is expected that the prices of the two commodities will fall on the domestic fuel market. In the final two weeks in December 2023, the price of liquid fuels on the local market are likely to drop marginally given that net price reductions recorded on international fuels market. However LPG could see its price go up following an increased product price coupled with a depreciated local currency”.

“Specifically, liquid fuels price could go down between 2%-4% respectively, whereas LPG price is expected to go up by about 5%”, it added.

World fuel market

The activities on the world fuel market as monitored by the Global Standard & Poor (S&P) Platts, the closing price performance for all refined petroleum products published as of December 11, 2023 stood at $767.20, $810.70 and $573.20 per metric tonne for gasoline [petrol], gasoil [diesel], and Liquefied Petroleum Gas respectively.

A comparative analysis of refined petroleum price data showed that the prices of petrol and diesel dropped by $22.55 and $39.30 per metric tonne, representing 2.80% and 4.84% respectively dip in prices. Liquefied Petroleum Gas, however, traded at $573.30 increasing by $50.55 per metric tonne, a 9.71% increase.

Local fuel market performance

The first pricing-window of December 2023 saw the fuel price across all petroleum products on the local fuels market remaining relatively stable.

All Oil Marketing Companies (OMC’s) tracked in the first two weeks in December 2023 maintained the selling price of both petrol and diesel as the previous closing price in the second pricing-window. The Liquefied Petroleum Gas (LPG) price was also maintained as previously sold in the November second pricing window.

Petrol sold at ¢12.21, whilst diesel and LPG went for ¢13.10 and ¢13 per kilogramme  respectively.

]]> Fuel prices go up; petrol now ¢12.99 – ¢13.10 per litre http://34.58.148.58/fuel-prices-go-up-petrol-now-%c2%a212-99-%c2%a213-10-per-litre/ Mon, 17 Apr 2023 09:24:09 +0000 https://www.adomonline.com/?p=2240006 Prices of petroleum products have shot up at the pumps this Monday April 17, 2023.

This is the first increase since the introduction of the much touted ‘Gold for Oil’ policy.

Leading Oil Marketing Companies (OMCs), GOIL, Total and Shell have all increased prices of petrol and diesel.

GOIL is selling petrol at ¢13.10 per litre and diesel at ¢12.99 per litre. Shell is also selling a litre of petrol at ¢13.10 per litre, whilst deisel is going for ¢12.99.

Total is however selling both petrol and diesel at ¢13.20 per litre respectively, whilst Star Oil is selling both petrol and diesel at ¢12.69 per litre respectively.

Other OMCs are expected to follow suit by adjusting upwards prices of petroleum products at the pumps.

The upward adjustment in prices shows that petrol has gone up by a little above 5.5%, and diesel by about 1.16%.

The current increase in the prices of petroleum products is influenced by some significant increase of the price of crude oil and finished petroleum products on the world market.

Some energy think tanks had earlier projected that the price of petrol was expected to go up, whilst diesel and Liquefied Petroleum Gas will decline.

The Chamber of Petroleum Consumers (COPEC) predicted a 2.01% increase in the price of petrol at the retail pumps from April 16, 2023.

According to COPEC, its forecast is based on the increase in international benchmark pricing from $772.75 per metric tonne to $900.20 per metric tonne, indicating a 16.49% rise. By this, the retail price of petrol works up to ¢12.41 per liter.

The Institute for Energy Security (IES) also projected that domestic fuel prices were likely to see some increment at the pumps for petrol and a marginal decrease for diesel and LPG.

“On account of international market performance observed and the domestic performance of the Ghana cedi, the IES projects prices of domestic gasoil [diesel] and LPG to decrease between 5% – 9% and domestic gasoline [petrol] is forecasted to post the biggest increase of roughly 8%, in the coming weeks”.

]]> Fuel prices drop by 5 percent http://34.58.148.58/fuel-prices-drop-by-5-percent/ Thu, 16 Feb 2023 13:53:32 +0000 https://www.adomonline.com/?p=2217476 Some Oil Marketing Companies (OMC) have started reducing prices of petroleum products at the pumps from today, February 16, 2023. This is the second time fuel prices have been reduced this year.

GOIL has reduced its prices. A litre of petrol is going for ¢14.50.

This represents almost 5 percent reduction from the previous price.

Diesel, on the other hand is going for ¢14.90, showing a price reduction by almost 3 percent per litre.

The reduction is in line with the two week review in prices which has been influenced by a fairly stable cedi and prices of Petroleum Products on the International Market.

IES predicts price reduction

Earlier, the Institute for Energy Security (IES) predicted that prices of petrol and diesel were expected to drop significantly between 7.1% and 10.8% at the pumps, from Thursday February 16, 2022.

According to the IES, petrol was expected to sell at about ¢14.40 per litre, and diesel going for about ¢13.90 per litre.

But the IES said a price of a kilogramme of LPG may hinged up to sell at ¢14.70 before the close of second pricing-window for February 2023.

The fall in prices of petrol and diesel are due to a marginal appreciation of the cedi to the dollar and drop in the prices of petrol and diesel globally.

World oil market

The international crude oil benchmark Brent fell to about $82.89 per barrel on average terms from a previous average rate of $86.14 per barrel.

This represented a 3.77% fall in average price over the last two weeks. The window saw the price drop to about $79.72 per barrel at close of trading day February 5, after which price has seen slow increases and closed the window trading day at about $86.39 on February 10, 2023.

]]> Prices of petrol, LPG to fall but diesel to go up http://34.58.148.58/prices-of-petrol-lpg-to-fall-but-diesel-to-go-up/ Wed, 29 Jun 2022 15:50:22 +0000 https://www.adomonline.com/?p=2132316 Prices of petroleum products are expected to witness some mixed reviews at the pump stations from this weekend (2nd July, 2022).

This is based on data from then Bulk Oil Distribution Companies sighted by Joy Business.

The price of petrol is expected to go down by almost 8% per liter.

A kilogram of Liquefied Petroleum Gas (LPG) may also go down by over 7%.

However, the price of diesel will increase by over 3% per liter.

The reduction in the price of Petrol and LPG, Joy Business understands, has been influenced by some favorable developments on the international market.

It is the hope that the over 150 Oil Marketing Companies (OMCs) will pass on these reductions to consumers beginning this weekend.

Prices of petroleum products shot up by about 11% on June 16th, 2022.

Petrol is currently being sold on the market for about ¢11 per litre, whereas diesel is going for ¢14.

Crude oil is presently trading at 117 dollars a barrel, whilst the cedi assumed a relative stability after speculation that government might consider a programme from the International Monetary Fund.

]]> Petrol to be sold at GH₵12 per litre http://34.58.148.58/petrol-to-be-sold-at-gh%e2%82%b512-per-litre/ Thu, 02 Jun 2022 09:59:48 +0000 https://www.adomonline.com/?p=2121175 The price of petrol is expected to go up to GH₵12 per litre effective Wednesday, June 1, the Institute of Energy and Security (IES) has predicted.

The increase at the pumps represent a surge from five to nine per cent, compared to the last pricing window, which ended on May 31, 2022.

According to the IES, although there has been a 5.49 percentage drop in in the price of petrol on the international market, this may not necessarily lead to a reduction at local retail outlets as most marketers would look to maintain their prices to offset the losses from the depreciation of the cedi.

Diesel and Liquefied Petroleum Gas (LPG) prices will, however, remain stable, a projection by the IES indicates.

“On the back of the cedi’s depreciation and the 11.05 per cent jump in the price of Gasoline on the international fuel market, Gasoline in Ghana is set to sell above GH₵10 per litre, which translates into GH₵45 per gallon,” it said.

Currently, a litre of petrol and diesel are selling at GH₵9.85 and GH₵11.95 respectively at the pumps.

]]> Sri Lanka down to last day of petrol, Prime Minister tells crisis-hit nation http://34.58.148.58/sri-lanka-down-to-last-day-of-petrol-prime-minister-tells-crisis-hit-nation/ Tue, 17 May 2022 11:17:04 +0000 https://www.adomonline.com/?p=2115359 Sri Lanka’s new prime minister said on Monday the crisis-hit nation was down to its last day of petrol, as the country’s power minister told citizens not to join the lengthy fuel queues that have galvanized weeks of anti-government protests.

Ranil Wickremesinghe, appointed prime minister on Thursday, said in an address to the nation the country urgently needed $75 million in foreign exchange to pay for essential imports.

“At the moment, we only have petrol stocks for a single day. The next couple of months will be the most difficult ones of our lives,” he said.

“We must prepare ourselves to make some sacrifices and face the challenges of this period.”

Two shipments of petrol and two shipments of diesel using an Indian credit line could provide relief in the next few days, he added — but the country is also facing a shortage of 14 essential medicines.

Sri Lanka currently faces a budget deficit of $6.8 billion (2.4 trillion Sri Lankan rupees), or 13% of their GDP.

The crisis led to widespread protests against President Gotabaya Rajapaksa and his family, culminating in the resignation of his elder brother Mahinda as prime minister last week after fighting between government supporters and protesters killed nine people and wounded 300.

In response to the crisis, Wickremesignhe said the country will print more money and propose to privatize Sri Lanka’s flagship airline to keep the economy afloat — though he conceded that inflation may worsen in the short term.

In his address on Thursday, he vowed to “build a nation without queues for kerosene, gas, and fuel … a nation with plentiful resources.”

Desperate bid

The president replaced Mahinda Rajapaksa with Wickremesinghe, an opposition parliamentarian who has held the post five times previously, in a desperate bid to placate protesters.

But the protesters have said they will keep up their campaign as long as Gotabaya Rajapaksa remains president. They have also labelled Wickremesinghe a stooge and criticized his appointment of four cabinet ministers, all members of the political party run by the Rajapaksa brothers.

Wickremesinghe said on Monday he took the role for the good of the country.

In Colombo, the commercial capital, long queues of auto rickshaws, the most popular means of transport in the city, lined up at gas stations in a fruitless wait for fuel.

“I have been in the queue for more than six hours,” said one driver, Mohammad Ali. “We spend almost six to seven hours in the line just to get petrol.”

Another driver, Mohammad Naushad, said the gas station he was waiting at had run out of fuel.

“We’ve been here since 7 to 8 a.m. in the morning and it is still not clear if they will have fuel or not,” he said. “When will it come, no one knows. Is there any point in our waiting here, we also don’t know.”

Hit hard by the Covid-19 pandemic, rising oil prices and populist tax cuts by the Rajapaksas, the strategic Indian Ocean island nation is in the midst of a crisis unparalleled since its independence in 1948.

A chronic foreign exchange shortage has led to rampant inflation and shortages of medicine, fuel and other essentials, bringing thousands out on the streets in protest.

A diesel shipment using an Indian credit line arrived in the country on Sunday, but is yet to be distributed across the island.”Request the public not to queue up or top up in the next three days until the 1,190 fuel station deliveries have been completed,” Power Minister Kanchana Wijesekera said on Monday.

Wickremesinghe is yet to announce key ministers including the crucial post of finance minister, who will negotiate with the International Monetary Fund for badly needed financial help for the country.Former Finance Minister Ali Sabry had held preliminary talks with the multilateral lender, but he quit along with Mahinda Rajapaksa last week.

MORE:

]]> Customs Service intercepts gallons of petrol hidden inside coffins http://34.58.148.58/customs-service-intercepts-gallons-of-petrol-hidden-inside-coffins/ Thu, 05 Dec 2019 13:05:41 +0000 https://www.adomonline.com/?p=1729414

A joint anti-bunkering team of the Nigeria Customs Service has intercepted 23 jerry cans of Premium Motor Spirit (PMS) concealed in two caskets.

According to Abdullahi Maiwada, Customs Spokesman in the area, the fuel laden coffins were abandoned in a vehicle at Idiroko, the Nigerian-Benin border.

SEE ALSO: Your comeback will be greater than your setback – Duncan Williams to Mahama
“In continuation of the fight against smuggling, a customs joint special taskforce of Ogun I Command, Federal Operation Unit Zone ‘A’ and CGC’s Strike Force intercepted 13 jerry cans of 25 litres and six jerry cans of 10 litres of PMS concealed clandestinely in two caskets,“ the spokesperson confirmed.

READ ON: Ramaphosa on 2-day working visit to Ghana
The spokesperson said items were conveyed by a daredevil smuggler with the intention of smuggling the items across the border to a neighbouring country.

The command reiterated its stand on the fight against smuggling in whatever disguise.

]]> Photo: Woman roasts sister-in-law with petrol http://34.58.148.58/photo-woman-roasts-sister-in-law-with-petrol/ Wed, 31 Oct 2018 07:14:09 +0000 http://35.232.176.128/ghana-news/?p=1444501 A 30-year-old woman, Patience Pomaa is battling for her life at the Berekum Holy Family Hospital in the Brong Ahafo Region after she was set ablaze by her deceased brother’s fiancée, Charity Konama.

Pomaa’s late brother had a child with Konama and the two were engaged in a misunderstanding over who was to keep custody of the one-and-half-year-old child.

The Brong Ahafo Regional Police Public Relations Officer, Chief Inspector Augustine Kingsley Oppong told Graphic Online that whilst the deceased was alive, the suspect reportedly visited him one day and dumped the one-and-half-year-old baby on him and left.

READ ALSO: Pregnancy gap should be at least a year – researchers

The suspect, according to the police did not visit the baby again until the deceased fell sick and died.

Before his demise, the deceased asked his sister Pomaa to take care of the baby but immediately after his death Konama reportedly approached Pomaa to demand custody of the child.

Pomaa is said to turn down the request.

READ ALSO: FIFA bans Nyantakyi for life; fines him CHF500,000 for breaches

On Monday October 29, 2018 at about 7:30 am, whilst the baby was away in school, Konama visited Pomaa and poured a gallon of petrol which she had brought with her over her and set her ablaze.

The shouts for help drew the attention of onlookers who reported the matter to the police and suspect was apprehended.

READ ALSO: Why Otumfuo intervened in KNUST impasse – Ablakwa reveals [Audio]

The police intervened timeously and sent the victim who sustained burns all over the body to the hospital. She is currently receiving treatment.

The incident happened at Senase, near Berekum.

]]> VIDEO: BOST has stopped giving me petrol – A Plus http://34.58.148.58/video-bost-stopped-giving-petrol-plus/ Mon, 04 Dec 2017 07:53:58 +0000 http://35.232.176.128/ghana-news/?p=727451 Controversial musician and sympathizer of New Patriotic Party (NPP), Kwame Asare Obeng known in showbiz as A Plus has hinted that the Bulk Oil Storage and Transportation Company (BOST) has stopped giving him fuel since September 2017.
After making corrupt allegations against the two Deputy Chiefs of Staff, it emerged that A-Plus had been awarded a contract from the Bulk Oil Storage and Transportation (BOST) to transport petroleum products from BOST’s facility at Tema to other parts of the country.
A Plus in an interview with Accra based Citi FM said he will terminate his contract with BOST.
“As I speak, I’ve sent somebody who is on his way to deliver a letter to BOST to terminate the contract that we have to transport fuel around Ghana,” A-Plus said in the interview.
But in a Facebook live video Sunday afternoon, the musician said he won’t spend his time at a place where they have stopped giving him business four months ago.
“They are not giving me business and you want me to walk there and waste petrol and go and cancel when the people themselves have cancelled it themselves or whatever,” he stressed.
A Plus also alleged that some greedy people have taken over BOST to supply petroleum products to other parts of the country.

]]> UK: All petrol and diesel cars to be banned from 2040 http://34.58.148.58/uk-petrol-diesel-cars-banned-2040/ Wed, 26 Jul 2017 09:12:12 +0000 http://35.232.176.128/ghana-news/?p=331871 New petrol and diesel cars will be banned from 2040 to improve air quality.
The crackdown could also see the introduction of levies on busy roads for owners of the most polluting vehicles.
And hopes of a major scrappage scheme to help those who were encouraged to buy diesels appear to have been dashed.
The strategy will be launched today by ministers Michael Gove and Chris Grayling.
It was forced on the Government by defeat in a High Court case on air pollution.
From 2040, drivers will be able to buy electric cars only – ending the near 150-year reign of the internal combustion engine.
From around 2020, town halls will be allowed to levy extra charges on diesel drivers using the UK’s 81 most polluted routes if air quality fails to improve.
Diesels might even be banned at peak times. Judges ruled the Government was breaking the law by allowing concentrations of nitrogen dioxide to build up in urban areas.
ClientEarth, an environmental law organisation, argued successfully that ministers were not doing enough to tackle the issue.
A judge ordered ministers to unveil the new air quality strategy to cut illegal levels of pollution from diesel vehicles by next Monday.
The Government also faces fines from the European Commission, which has sent Britain a final warning to comply with EU air pollution limits for NO2 or face a case at the European Court of Justice.
Any suggestion that drivers of diesels should be penalised will be greeted with anger from motoring organisations. They point out that the last Labour government had encouraged people to buy the vehicles.
It was thought that efficient diesel engines were the best way to cut greenhouse gas emissions. It later emerged that the nitrogen dioxide they emit was harming air quality.
Levels have been above legal limits in almost 90 per cent of urban areas in the UK since 2010.
The toxic fumes are estimated to cause 23,500 early deaths a year and the problem was declared a public health emergency by a cross-party committee last year.
New guidance to councils will see them urged to introduce a range of measures to bring down pollution.
These include making buses more environmentally-friendly, changing the phasing of traffic lights, removing speed bumps and changing road layouts. Town halls will be told to do all they can to avoid hitting diesel drivers, who bought the cars in good faith, with punitive measures.
But if these do not work, the Government will allow town halls to charge drivers of the dirtiest vehicles using the most polluted roads.
They could also restrict the times of day when they can use these roads – banning them during peak hours, for example. Town halls will not be allowed to bring in city-wide restrictions. They will only be able to take action on the 81 most polluted roads in the country.
A Government spokesman said: ‘Our plan to deal with dirty diesels will help councils clean up emissions hotspots – often a single road – through common sense measures which do not unfairly penalise ordinary working people.
‘Diesel drivers are not to blame and to help them switch to cleaner vehicles the Government will consult on a targeted scrappage scheme – one of a number of measures to support motorists affected by local plans.
‘Overall we are investing £3billion to tackle the effects of roadside pollution and supporting greener transport initiatives’.

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