This follows a directive from the Ministry of Energy, raising concerns about the recent fluctuations in the prices of petroleum products due to strong political and economic influence from oil producing countries across the world.

In line with the directive, the Authority has revised the cost of the levy which is one major component in the determination of petroleum prices.

By this, the Price Stabilization and Recovery Levy for petrol will remain at 12 pesewas per liter, while diesel and LPG are revised to 3 pesewas per liter from 10 pesewas per liter.

According to the Ministry of Energy, “it is conscious of the harsh effects of the upward movement in the price as a result conditions in the international world market.”

It explained that, one of the purposes of the Act is to provide stability for consumers at the pumps in times of raising prices of petroleum products on the international market, hence the move.

IES predicts no fuel price increase

Meanwhile, the Institute of Energy Securities (IES ) had said that Consumers will not experience any significant price change at the pumps in the first pricing window of December 2017.

This, is according to the Principal Research Analyst at the IES, Richmond Rockson, who spoke to Citi Business News.

He explained that despite the fast depreciation of the cedi against the dollar, the effect on petrol prices will be minimal.

“In the next pricing window which is the first pricing window in December, we foresee fuel prices remaining fairly stable, when I say fairly stable what I mean is that, we are not expecting any price change, and even if there will be a change in prices it won’t be significant”.

“The cedi is depreciating at a fast rate even though it is selling around 4 cedis 6 pesewas on the foreign exchange market. The average for the period is 4 cedis 48 pesewas, as compared to the previous average of 4 cedis 41 pesewas”.

He explained that, the depreciation of the cedi would reflect in a price change of less than one percent for petrol, and therefore will be insignificant.

“Virtually a depreciation of 1.5 percent. Crude oil prices have remained fairly stable as well, and the difference is less than one percent,” he said.

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By: Lawrence Segbefia/citibusinessnews.com/Ghana

The post NPA revises fuel prices downward through Price Stabilization levy appeared first on Citi 97.3 FM - Relevant Radio. Always.

The explosion, according to eyewitnesses, was caused by the leakage of the gas which was being supplied to GHUMCO.

A first stationary gas tank exploded, injuring firefighters who were at the time trying to bring the situation under control.

A second explosion; which was from the very vehicle discharging the gas, was huge such that, the tanker divided into two with huge inferno and heat travelling through the atmosphere for over 100 meters before landing in a nearby lagoon.

Two nearby warehouses full of different food items were also razed by the inferno.

After visiting the victims and the accident scene, Dr. Amin Adam noted that, the company must be appropriately sanctioned.

He said “I want the NPA to consider withdrawing the license of the OMC because many a time when they continue to hold their license, they find ways to do the same business elsewhere and therefore the punishment and the sanctions does not become punitive enough because they would find a way to operate with the same license.”

He added that, government will no more entertain any form of negligence on the part of fuel distribution and pump stations that result in injuries and deaths.

“This is a new regime, a new ways of doing things and I believe that Ghanaians, especially managers of such important facilities will sit up and begin to know that government will not take lightly any form of negligence and non-compliance with regulations that would lead to the death of people or injuries.”

Companies complicit in disasters will foot victims’ medical bills – Minister 

Meanwhile, Dr. Amin has also announced government’s decision not to foot the medical bills of the injured in mass accidents such as the explosion.

He said the companies involved would be forced to bear such cost henceforth
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By: Obrempong Yaw Ampofo/citifmonline.com/Ghana

The post Amin orders withdrawal of OMC’s license over Takoradi Gas Explosion appeared first on Citi 97.3 FM - Relevant Radio. Always.