Page 11 - DMEA Week 01 2021

DMEA FUELS DMEA

Ghanaian fuel prices

seen rising by nearly 3%

AFRICA THE Institute for Energy Security (IES) has said consistent spike in crude prices on the interna-
fuel prices will surge by GHS0.18 per litre at the tional market, which he says also stems from a
pumps, a 2.8% increment at the pumps begin- rise in demand globally.
ning over the weekend. “Some OMCs have already made some
This comes as Oil Marketing Companies upward adjustments and looking at the global
(OMCs) have started increasing prices of petro- trend, we expect other OMCs to crease their
leum products at various pumps across the prices this week,” Moses told GNA.
country. Brent crude settled at $1.20 or at $78.98 per
“For the January First Pricing Window, the barrel at 5pm on [January 3], which earlier went
8.18% increase in the price of International up to $79.05 a barrel, GNA reports.
Benchmark Brent crude, the 3.25% increase in It reported further that US West Texas Inter-
the price of Gasoline, the 2.09% increase in gas- mediate (WTI) crude also settled up 87 cents at
oline price, the 0.5% depreciation of the (Ghana) $76.08 per barrel.
cedi against the US Dollar, and the introduction Prices of fuel in Ghana is deregulated, hence,
of the PSRL (Price Stabilisation and Recovery situation at the international market affect prices
Levy), the IES projects for the price of fuel on at the pumps directly. Moses however says that
the domestic market at the various pumps to the situation on the global market had not yet
increases by at least 18 (Ghana) pesewas, repre- impacted significantly on the domestic market
senting a 2.8% increase,” the think tank said. due to competition among OMCs.
The price of fuel in Ghana experienced a mar- “Because of competition, the OMCs have
ginal decrease at the beginning of the second dropped their margins so they could sell more
pricing window at December 2021, which sub- volumes and still make some profit,” he said as
sequently saw OMCs reducing prices by some quoted by the GNA.
1.5% at the pumps. Meanwhile, Total has already increased
In a comment to the Ghana News Agency its price at the pump, and now selling diesel at
(GNA), Fritz Moses, an IES research analyst told GHS0.0685 and GHS0.068 per litre respectively,
the GMA that their projection stems from the which is more than a 3% increment.™

TERMINALS & SHIPPING

Morocco invites investors for

Mohammedia LNG upgrade

AFRICA THE Moroccan government has called on inter- expected Morocco’s natural gas needs to triple
national firms to bid for its ambitious project to to 3 bcm by 2040 on the back of the country’s
upgrade Mohammedia port near Casablanca desire to achieve a lower-carbon transition and
to host a liquified natural gas (LNG) floating to ensure an adequate supply of renewables.
storage and regasification unit (FSRU), the state The government said earlier that it plans to
news agency MAP reported. raise the share of renewables in its electricity
The closing date for bids is January 25, 2022. mix to 52% by 2030, 70% by 2040 and 80% by
The move aims to guarantee all of Morocco’s 2050 in terms both of power generated and of
gas requirements. Gas supplies to the country capacity.
from neighbouring Algeria stopped on October Wind, solar and hydropower energies are
31 last year, as diplomatic relations between the already gaining momentum in Morocco’s elec-
two countries deteriorated. tricity sector.
A few days before bids were invited, the According to green energy think-tank
London-listed energy firm Sound Energy had IRENA, renewables-based generation capacity
secured binding conditional agreements for increased by an impressive 50% between 2015
MAD167mn ($18mn) of financing for the first and 2020 – and already accounted for 33% of
phase of the Tendrara LNG facility in Morocco. the country’s total installed capacity in the latter
The country’s energy minister Leila Benali year.™

Week 01 06•January•2022 www. NEWSBASE .com P11