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Fuel prices fall by 6% per litre; petrol sells for ¢12.95 and diesel for ¢13.49

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Some Oil Marketing Companies (OMCs) have started reducing prices of petroleum products at the pumps from today, March 16, 2023.

A leading OMC, GOIL is selling a litre of petrol for ¢12.95 and diesel for ¢13.49.

TotalEnergies has also cut prices of petroleum products at the pumps, selling a litre of petrol at ¢12.95 and diesel for ¢13.49 litre.

Shell is also selling a litre of diesel at ¢13.49 and petrol for ¢12.95 per litre.

Another OMC, Petrosol is selling a litre of petrol at ¢12.97, whereas diesel is going for ¢13. 37 per litre.

Based on the adjustments, diesel has fallen by 2.29% per litre, whilst petrol has gone down by about 6.56%. The reduction is in line with the two weeks review in prices of petroleum products

Some industry players have attributed the reduction to the stability of the cedi and a fall in the price of the commodity on the world market.

IES predicts reduction  

The Institute for Energy Security (IES) on March 14, 2023 projected that fuel prices will fall between 3% and 10% at the pumps.

IES predicted that the prices of all three key petroleum products – petrol, diesel and Liquefied Petroleum Gas (LPG) – were expected to fall.

The IES said “the last two weeks has seen price indicators on both the domestic and international fronts falling and this can translate into some price reductions at the pumps for various petroleum products”.

The domestic fuel market prices are projected to fall between ¢12.60 for petrol, ¢13.40 for diesel and ¢14 per Kilogramme for LPG.

World oil market

The international crude oil benchmark Brent fell to about $83.87 from about $84.14 per barrel over the last two weeks. This represented a marginal drop in the average prices in the window under review.

The commodity which traded at about $86 per barrel in the mid of the window declined to as low as $79 per barrel at the start of Tuesday March 14, 2023.

Fuel market performance

The first pricing-window for March 2023 offered some respite to petroleum product consumers on the domestic market.

Prices of petrol and diesel drop significantly, allowing domestic consumers to enjoy some relief.

The IES monitoring of various Oil Marketing Companies (OMCs) for the pricing-window under review found the national average price for petrol and diesel as ¢13.53 and ¢13.69.

The national average price of LPG, however, sold for ¢15.44 per kilogramme.

Energy

ECG denies ‘Dumsor’, rules out load-shedding timetable

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The Electricity Company of Ghana (ECG) has reassured the public that there is no need for a load-shedding timetable despite recent power interruptions.

In response to concerns about power supply challenges, ECG stated that the current issues do not warrant the implementation of a load-shedding timetable.

Laila Abubakar, the External Communications Manager at ECG, clarified that the recent power cuts may be due to other factors and emphasized that the notorious ‘dumsor’ phenomenon has not returned.

She assured the public that ECG’s management is diligently working to address the challenges facing the power sector.

“The thing is, we just want people to be aware that when your power goes off, it is not always a matter of load shedding. There are several issues and there are some of them that fall before the doorsteps of ECG. We are doing as much as possible to solve the ones that we can.”

“There aren’t any issues with shedding load. The load shed, I think is what people understand by ‘Dumsor’. But usually, when someone asks me if, there is Dumsor, I ask them what do you understand and what do you think ‘Dumsor’ means. Unfortunately, there wouldn’t be a timetable,” she insisted.

Meanwhile, John Abdulai Jinapor, the Ranking Member on Parliament’s Mines and Energy Committee, has asserted that the ongoing power outages in various parts of the country stem from financial constraints rather than faulty transformers.

Mr Jinapor refuted claims by the ECG that the outages were due to transformer repairs, alleging that the root cause is a shortfall in electricity generation capacity.

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Energy

ECG Ashaiman District uncovers 130 illegal connections

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The Ashaiman District of the Electricity Company of Ghana has discovered a total of 130 illegal connections within its operational area over a three day period.

The discoveries, which were part of a revenue mobilisation project the district was embarking on was started on Monday, March 4, 2024.

Speaking on the progress of the activities to media professionals, the Manager for the District, Ing. Kissi Ohenebeng mentioned that “with the 130 illegal connections seen, summons were given to the respective customers who started reporting to the office from Tuesday, March 5, 2024, to rectify the issues identified.”

He added that “over the three days that the project had been ongoing, his outfit, with support from a number of staff from eight other districts as well as the regional office of the Tema Region of the company had been able to visit over 5000 customers of the power distributor”.

Ing. Ohenebeng, when asked about possible prosecution of those caught with illegal connections indicated that “indeed should customers default in payments, the company is always ready to explore the possibility of addressing the situation at the court”.

He further added that “illegal connection is basically stealing, which makes it a criminal offence and admonished customers to desist from such acts as the consequences could be unpleasant.”

The Ashaiman District of the ECG is under the Tema Region, which also has Tema North, Tema South, Afienya, Prampram, Ada, Nungua, Juapong, Krobo Districts. Staff were deployed from all over the region to Ashaiman District to support the special revenue mobilisation exercise.

The Acting General Manager of the ECG Tema Region, Ing. Daniel Asare-Mensah on his part, encouraged customers to “be ready to pay for power consumed and to pay on time to avoid debt build up.”

Ing. Asare-Mensah indicated that the Ashaiman exercise would end by close of day Friday, March 8, 2024, while a similar project with support from the region’s workforce will be replicated in the other districts.

He also indicated that the Afienya and Prampram Districts will be the next to run such special revenue mobilisation exercises.

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Energy

ECG Replacing 450,000 Old Metres In Accra West Region

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The Electricity Company of Ghana Ltd. (ECG) has commenced an exercise to replace over 450,000 old metres in the Accra West region.

The Company over the course of the exercise would be replacing postpaid, non-smart prepaid and faulty metres in the region with MMS-compliant smart prepaid metres, over the next five months.

The metre replacement exercise is part of the Company’s Loss Reduction Programme (LRP); an initiative to facilitate the installation of smart meters, and to improve energy accounting.

The programme aims to ensure the availability of metres to meet service connection requests and reduce system losses.

The Accra West region General Manager of ECG, Ing. Emmanuel Akinie assured customers of the convenience that the smart prepaid meters offer.

“With the smart prepaid metres, a customer can buy credits unto their metres from the comfort of their homes or anywhere they are, by downloading the ECG Power app, or using the short code *226#”, he said.

Mr. Akinie revealed that the officers undertaking the replacement exercise will identify themselves with official letters from ECG, authorizing their activity, and assured that outstanding balances on the old metre will be accounted for, and transferred to the customers’ new smart prepaid metre.

He said the metre replacement exercise is free, hence encouraged customers to allow the officers into their premises to replace their old metres.

Districts in the Accra West region are Ablekuma, Achimota, Amasaman, Bortianor, Dansoman, Kaneshie, Korlebu and Nsawam.

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