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General News
Petrol Up 30% 6/6/2009

... Transport fares up 17%
Government’s decision to actualize its social democratic policies has driven it to withhold its subsidies on fuel, as a result of which a 30 percent across-board increase in fuel prices was announced yesterday.

Ghanaians will now have to dig deep into their pockets and pay realistic prices for fuel from today with the National Petroleum Authority (NPA)’s upward adjustment of fuel prices.

Confusion had earlier in the week shrouded the expected price adjustment as government vacillated over when to authorize the adjustment against the backdrop of drastic reduction promises made prior to the December general elections.

With the increase, petrol would now sell at GH¢1.11 per liter, representing approximately GH¢5.00 per gallon while diesel is going for GH¢1.12 per liter, representing a little over GH¢5.00 per gallon. A gallon of petrol used to go for GH¢3.80 whilst diesel was selling at GH¢4.00 per gallon.

On the other hand, kerosene which used to sell at 66.50Gp per liter, is now going for 86.45Gp per liter, representing GH¢3.90 per gallon while premix fuel is going for 51.48Gp per liter from the previous 39.60Gp per liter. Price of LPG also shot up from 61.4000Gp to 79.00Gp per kilogramme

The increase is the second since the National Democratic Congress (NDC) assumed governance in January this year.

It is at variance with the electoral promise of President Mills who had indicated that state intervention was necessary, especially in the face of economic hardships. The new twist therefore appears to suggest that he had played a fast one on Ghanaians, by throwing dust into the eyes of his compatriots to gain power.

Oil prices had been rising since April this year, hitting a six-month high of $68 per barrel on Friday, buoyed by falling US stockpiles, amid signs that the US economy was recovering. Stock markets across the globe are also recovering as they have started making gains. Whilst US light crude was hovering around $68.24 a barrel, Brent crude was $66.01. Analysts say the commodity may escalate further if the global crisis tends to slow.

Dr. Kwabena Donkor, deputy Minister of Energy, in an interview with TV3 last night, refused to explain the rationale behind the 30 percent increase, adding that it is the NPA which is in charge of the announcement of fuel prices.

Former Energy Minister, Professor Mike Oquaye, had questioned the NDC about their political promise, saying it appears to be amending its position on subsidizing fuel prices now that it has assumed the reins of power.

Though the government increased fuel prices in March after the dissolution of the board in February, some analysts question whether it is legally right for the NPA to announce new fuel prices without the board’s approval. Hh4> Transport fares up 17%
Following the 30% petroleum products price increase across board which was announced yesterday to come into effect today Saturday June 6, 2009, new transport fares have been announced.

The Ghana Road Transport Co-ordinating Council (GRTCC) announced the 17% increase in transport fares for intra-city, known as ‘trotro’, long distance or inter-city and for taxis.

In a statement signed by its chairman, Mr. Matthew Hayford, the GRTCC said following the increase in the prices of petroleum products, a litre of diesel would sell at GH¢1.1206 and premium petrol would sell at GH¢1.1141. It said this new price increase translates into about GH¢5 per gallon of petrol and diesel.

The statement said computation of the new fares was based on the new price of diesel per litre.

‘Trotro’ fares that were pegged at 10Gp or 15Gp have been maintained, while fares from 20Gp have been increased between 10 and 20 percent, it said.
Source:DG

 
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