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Fuel Prices Cross GHc8.00 Per Litre

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Fuel Prices Cross GHc8.00 Per Litre, GlitzEmpire





Fuel prices at some fuel stations continue to rise, crossing the GHS 8 per litre mark in the first week of March 2022.

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This is expected to have a ripple effect on other Oil Marketing Companies, which will also adjust their prices upwards.

Only two weeks ago, fuel prices averaged GHS6.4 per litre as the Price Stabilisation and Recovery Levy (PSRL) was reinstated by the National Petroleum Authority.

The Chamber of Petroleum Consumers’ (COPEC) Executive Secretary, Duncan Amoah, said he had expected the increase to be much higher.

“What Total is currently quoting, GHS8.29 is on the downside. The market figures could have been somewhere around GHS8.70 at this time,” he said on Eyewitness News.

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He suggested further that the Oil Marketing Companies may be taking a hit on the recent increase in fuel prices.

“It is quite certain the Oil marketing Companies and the BDCs are themselves taking a shave in the sense that the Cedi is doing so badly at this point,” Mr. Amoah noted.

COPEC had previously warned that if nothing is done by authorities in Ghana, regarding the rising fuel prices on the global market as Russia invades Ukraine, fuel prices could cross the GHs8 mark at the pumps in the first pricing window of March.

The Institute for Energy Security (IES) is also predicting a four percent increase in the prices of Liquefied Petroleum Gas (LPG), Diesel, and Petrol at the pumps in the first pricing window of March.

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A barrel of Brent Crude Oil which was going for about $66 a year ago, and $78 at the start of 2022, jumped 7.3% to $103.9 a barrel in February.

This comes after Russian President Vladimir Putin ordered the invasion of Ukraine.

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Mobile Money Transaction Recorded GH¢76.2bn In January 2022

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Mobile Money Transaction Recorded GH¢76.2bn In January 2022, GlitzEmpire





Mobile Money transaction in the first month (January) of 2022 stood at GH¢76.2 billion, the Bank of Ghana has revealed in its Summary of Economic and Financial Data.

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This is Mobile Money higher than the GH¢67.9 billion recorded in January 2021, but lower than GH¢82.9 billion recorded in December 2021.

Base on the trend of Mobil Money transaction in 2021, one cannot conclude that there has been a decline in Mobile Money transaction, as a result of the anticipated approval of the Electronic Transaction Levy.

In terms of Mobile Money Interoperability, GH¢2.107 billion was recorded in January 2022, higher than the ¢906 million registered in January 2021.

The registered Mobile Money Accounts also stood at 48.4 million in January 2022, up from 48.3 million in December 2021.

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Undoubtedly, Mobile Money remained the biggest payment solution in the country with an estimated GH¢905.1 billion transactions recorded in 2021.

According to data from the Bank of Ghana, the value of mobile money transactions in January, February, March, April, May, June, July, August, September, October, November and December 2021 were estimated at ¢67.1 billion, GH¢67.9 billion, GH¢82.3 billion, GH¢83.8 billion, GH¢86.5 billion, GH¢89.1 billion, GH¢99.1 billion, GH¢81.8 billion, GH¢71 billion, GH¢80.0 billion, GH¢86.1 billion and GH¢82.9 billion respectively.

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