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Fuel Prices Projected To Hit Gh7.0 By December – IES

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Fuel Prices Expected To Go Up Again From Wednesday

Fuel prices are likely to hit GH¢7.0 per litre or more by the end of the year, the Institute for Energy Security (IES) has projected.

Global demand for fuel is expected to increase in the winter and that could trigger a hike in prices globally in the wake of limited supply, Mr Fritz Moses, a Research Analyst at the IES, said in an interview on Monday.

He said depreciation of the cedi against the dollar could also be a major catalyst in the projected increment in fuel prices.

“We don’t see prices decreasing anytime soon. With the expected increasing in demand on the international market in Europe, Asia and even in Africa, we think it will cause prices to increase.

“The supply from the oil-producing and exporting countries together with Russia, are unwilling to increase their production. They are sticking by their quota, which is releasing about 400,000 barrels per day on the market till April next year,” he said.

Mr Moses said, should that happen, prices would shoot up and that would reflect on the Ghanaian market by the end of the month and through to end of the year.

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Fuel prices have been on a steady rise since April 2021, leading to persistent agitations among industry players and transport operators in the country.

Currently, a litre of petrol and diesel is selling at GH¢6.90 at the pumps.

As of November 19, 2021, the price of West Texas Intermediate (WTI) crude oil stood at $75.97 per barrel.

As part of measures to cushion the burden on consumers, the Government, last month, suspended the Price Stabilisation and Recovery Levy (PSRL) on petroleum products for two months, which took effect on November 1, 2021.

The levy imposed 16Gp per litre on petrol, 14Gp per litre on diesel and 14Gp per kilogramme on LPG.

However, Mr Moses said the IES’ assessment thus far showed that removal of the PSRL did not have any significant impact on fuel prices at the pumps.

He said the suspension of the PRSL was not sustainable given that the accumulated increments were more than the 16p/litre cost that the levy accounted for.

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He said at the end of the first pricing window in November, the IES found that the depreciation of the cedi against the dollar was a major driver of the price increment, adding that prices on the world market had a marginal impact on prices on the local market.

“Largely, the rise in crude prices on the international market is not that substantial as the cedi depreciation. In some instances, when the prices are going up on the international market and the cedi is stable, the market BDCs and OMCs are able to maintain their prices,” Mr Moses said.

He, therefore, urged the Government to adopt sustainable measures by revamping the Tema Oil Refinery to boost local production capacity and to reduce dependency on the international market.

 

 

 

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Marwako Food Poisoning: Authority Has No Mandate To Demand Compensation For Victims – FDA

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Marwako Food Poisoning: Authority Has No Mandate To Demand Compensation For Victims - FDA

Food and Drugs Authority (FDA)’s Director of Legal says they cannot demand compensation for victims of the alleged food poisoning at Marwako’s East Legon branch.

Joseph Bennie said the Authority has no mandate to pressure for amends in cash from the eatery to the affected persons.

In an interview with YEN.com.gh, monitored by GhArticles.com, Bennie said the FDA can carry out sanctions in the form of ”a ban, fine, caution, or prosecution” in such cases.

The Acting Director’s comments come amid widespread reports of food poisoning at Marwako’s East Legon branch on social media, leading to the closure of the restaurant.

He said the closure of the eatery was to prevent an escalation of reported cases of food poisoning.

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Speaking on the investigations, Joseph Bennie said the FDA is yet to establish the cause of the food poisoning. ”Investigations will conclude in not less than a week or more,” he told YEN.comgh, sighted by GhArticles.com.

As previously reported that the management of Marwako has appealed to the FDA to open other branches closed down following complaints of food poisoning at its East Legon branch.

PRO for Marwako Fast Food Ltd, Mohammed Amin Lamptey, said while the popular food business accepts the decision of the FDA, the industry regulator, it is only fair for the affected branch to be shut down.

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”The FDA shut down of our branches is quite unfortunate and it is really something that is going to create another problem for Mawako Fast Foods Limited. In as much as we all know that it is an isolated case…we thought that the FDA will focus on the East Legon branch,” Lamptey told reporters on Thursday, May 12, 2022.

 

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Reduce 1.5% E-levy Rate — ISSER To Gov’t

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E-levy Proceeds Will Create Jobs For Over 11 Million People - Ofori-Atta

The Institute of Statistical Social and Economic Research (ISSER) wants the government to reduce the rate of the controversial electronic transfer levy.

According to ISSER, the government must consider a downward adjustment between 0.5% and 0.75% adding that the 1.5% on all electronic transfers is punitive.

The Director of the institute, Professor Peter Quartey, speaking on the topic: “Harnessing stakeholder engagement and feedback for research impact” at the 2022 ISSER Road Show at the University of Education, Winneba (UEW) said with the current 1.5% rate, the government’s goal of mobilizing about GH¢4.1 billion would be missed as more people would avoid using the platform but instead use alternative methods to avoid paying the tax.

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He stated that “The 1.5% E-transaction levy rate is punitive and should be revised downwards to between 0.5% and 0.75% to allow more people to use the service and avoid eroding the gains made in digital financial inclusion.”

The E-levy was introduced by the government in the 2022 Budget for basic transactions related to digital payments and electronic platform transactions.

The levy has sparked controversy because of its impact on mobile money transactions and the impoverished Ghanaians that use it.

 

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Heavy Downpour Leaves Some Parts Of Accra Flooded Again

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Heavy Downpour Leaves Some Parts Of Accra Flooded Again

Some parts of Accra got flooded Saturday morning following a brief downpour.

Areas such as Kaneshie First Light, Abbosey Okai and Adabraka Sahara, Dansoman, and Odorkor were affected by the floods.

The situation resulted in heavy vehicular traffic in different parts of Accra.

Motorists were left with no choice but to abandon their vehicles after their cars and motorbikes got choked in the floods.

Ghanaians have as usual expressed their anger and lamented at how a little rainfall causes floods.

Some Ghanaians who were affected by the floods quickly took to social media to lament the situation.

The video below shows the floods on the main Kaneshie highway in front of the market.

Watch the video below:

 

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