Tag: Energy news

  • LPG price to go down as NPA seeks Cabinet support to remove taxes

    LPG price to go down as NPA seeks Cabinet support to remove taxes

    The National Petroleum Authority (NPA) is seeking the approval from Cabinet to remove taxes on Liquefied Petroleum Gas (LPG) to make it available to Ghanaians and to ensure clean cooking in the country.

    The Chief Executive Officer of NPA, Dr Mustapha Abdul- Hamid, made this disclosure while speaking at the launch of the National Awareness and Sensitisation Campaign on the use of LPG in Accra.

    According to him, the decision to achieve 50 per cent LPG penetration with the introduction of the Cylinder Recirculation Module (CRM) will be achieved if the taxes on the products are removed.

    He said the NPA intends to make LPG affordable and accessible in the country with the CRM as the cylinder bottling company will own the cylinders and later supply them to the customers.

    He added that this will ensure the cylinders’ safety and push distribution to the country’s remote areas.

    He appealed to investors to come to the northern region to establish a cylinder bottling plant for a rebate to ensure people in these regions access affordable LPG.

    “I will call on investors ready to invest in the area of a cylinder bottling plant in the North East and Upper East Regions to get some tax holidays,” he assures.

    For her part, the Ambassador for Clean Cooking Campaign and wife to the Vice President, Samira Bawumia commended NPA and the Ministry of Energy for their drive in ensuring LPG is affordable and available to Ghanaians as part of the clean cooking campaign

  • Expects up to 6% drop in fuel prices this month

    Expects up to 6% drop in fuel prices this month

    Adnan Adams Mohammed

    Chamber of Petroleum Consumers (COPEC) has predicted a drop of  6 percent in fuel prices at the pumps.

    The price drop is expected to range between 3% and 6% from August 1st, 2022. The expected reduction will have been bigger if not for the depreciation of the cedi against the U.S dollar.

    The drop in fuel prices will be the second consecutive time since oil prices started falling on the world market.

    “What, we picked from the market for the first window of August [2022] is an indication that prices at the pumps should have gone down significantly. The unfortunate thing at this point happens to be with the currency [cedi]”, Executive Secretary of COPEC, Duncan Amoah, said in an interview, last week. “As I speak with you, over the two weeks window, the FX has seen some depreciation, from about ¢8.30 to about ¢8.90 pesewas currently.”

    “And so that could on its own erode the reductions that you and I could have seen at the various pumps”, he added.

    Mr. Amoah urged government to take a second look at the deregulation policy to cushion consumers against the high fuel prices.

    “We have said on a good number of occasions, that the earlier we take a second look at this whole regulation programme, the better it would be”.