Ghana’s fuel prices likely to go down next week

Prices of fuel at pumps in the country are likely to be reduced between 10 and 15 percent next week, the Minister of Energy, John Peter Amewu has announced.

He said the exact percentage would be known next week when the second pricing window opens and prices of fuel are reviewed in line with existing petroleum price formula.

He told journalists in Accra yesterday that per the price regulation policy that has existed in the country since 2015, the reduction of fuel prices had not been a prerogative of the government.

He, therefore, said accusations that the government had deliberately refused to reduce the prices of fuel despite reduction of crude oil on the international market were mischievous.

Since last week, there have been calls from many stakeholders including the National Democratic Congress (NDC) and the Chamber of Petroleum Consumers (COPEC) Ghana for reduction of fuel.

In separate statements, they cited decline in the bent crude on the international market over the last two months including 45 per cent from $63.60 per barrel in January to $36 per barrel currently and the stability of the cedi as factors.

Mr Amewu was speaking at a press briefing after a meeting with deans of Metropolitan, Municipal and District Chief Executives (MMDCEs) to discuss distribution modalities for 12 million light-emitting diode (LED) bulbs.

Worth GH₵200 million, they are to be distributed to households and strategic institutions including hospitals, schools and security agencies across the country as part of efforts by the government to conserve energy.

Under a programme dubbed “Energy Conservation and Demand-side Management (ECDM)”, the bulbs, covering all types including six watts (W), 9W and 13W would be distributed through Metropolitan, Municipal and District Assemblies (MMDAs) in all 16 regions.

Each metropolis, would receive 50,000 pieces while every municipality and district is expected to get 40, 000 and 30,000 respectively.

According to Mr Amewu, the MMDCEs had a three-month grace period, within which they are to identity delivery points, form task force for same before distribution begin.

He explained that the beneficiaries were targeted because their collective energy consumption accounted for more than half of the national electricity demand.

The national exercise, he said was aimed at encouraging the efficient use of energy through a shift from Compact fluorescent lamps (CFL) in view of the increasing electricity generation cost.

In the estimation of the ministry, the distribution of the bulbs would reduce the energy consumption by the beneficiaries by 30 to 50 per cent while the success of this the programme would determine its continuation.

According to Mr Amewu, to ensure that the purpose of the exercise was achieved, the Energy Commission and relevant government agencies would conduct comprehensive audits a month after distribution of the bulbs.

Asked what the government was doing to address faulty streetlights across the country, he said steps had been initiated to fix them especially those on the motorway to avert crime and accidents.

Expressing worry over theft of streetlights and cables, he urged the public to desist from that crime and aid the protection of national assets. He also charged MMDCEs to put in place preventive measures as well as fix the lights.


Source: Ghanaian Times



Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...