• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Rising cost of fuel affecting sales of high engine capacity cars – Automobile Dealers

3 years ago
in Business, highlights, Home, home-news, latest News
2 min read
0 0
0
104
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Rising cost of fuel affecting sales of high engine capacity cars – Automobile Dealers

Automobile Dealers Union Ghana, has disclosed that the rising cost of fuel at the pumps is negatively affecting the sale of high engine capacity cars.

The price of petrol and diesel started the year with GHC 6.65 per litre but is currently selling at GHC 8.29 at some of the major oil marketing companies, representing an increase of about 25 % in the price of fuel at the pumps in the last 9 weeks.

The development has led to agitations from multiple stakeholders as well as a 15% increase in general transport fares.

According to the General Secretary of the Automobile Dealers Union Ghana, Clifford Ansu, used car dealers are also suffering the impact of the hikes.

“Rising fuel prices like we are experiencing affects all businesses. When some people come to our garages to buy cars they look at the engine capacity, when the capacity is high, they get concerned about how to fuel the vehicle. Currently, a gallon of petrol is around GHC 37 and this is of concern to some. This leads to some opting for cars with smaller engine capacities.”

“Most garages have a mix of cars they sell from 0.8 engine capacity cars all the way to 4.7 and 5.7 capacity cars. And the sale of the latter are being affected,” he added.

RelatedPosts

Chamber of Agribusiness Calls for Sector-Wide Price Cuts and Urgent Government Support to Curb Food Crisis

The Perils of Market Interventionism: When Political Pressures Threatens Ghana’s Economic Gains – The Way Forward

GAB Projects Drop in Lending Rates Starting August 6 Following BoG’s 300bps Policy Rate Cut

Meanwhile, oil prices have soared to the highest level since 2008 after the US said it was discussing a potential embargo on Russian supplies with its allies.

Brent crude – the global oil benchmark – spiked to above $139 a barrel, before easing back to below $130.

Energy markets have been rocked in recent days over supply fears triggered by the Russian invasion of Ukraine.

Consumers are already feeling the impact of higher energy costs as fuel prices and household bills jump.

Stock markets in Asia fell on Monday, with Japan’s Nikkei and the Hang Seng in Hong Kong down by more than 3%.

On Sunday, the US Secretary of State Antony Blinken said the Biden administration and its allies are discussing an embargo of Russian oil supplies.

Later, US House of Representatives Speaker Nancy Pelosi said the chamber was “exploring” legislation to ban the import of Russian oil and that Congress this week intended to enact $10bn (£7.6bn) of aid for Ukraine in response to Russia’s military invasion.

“The House is currently exploring strong legislation that will further isolate Russia from the global economy,” Ms Pelosi said in a letter.

The comments came as pressure grows on the White House and other Western nations to take tougher action against Moscow over its invasion of Ukraine.

A Russian oil embargo would be a major escalation in the response to the invasion of Ukraine and would potentially have a major impact on the global economy.

“While the US might just push through a ban on Russian oil imports, Europe can ill-afford to do the same. More worryingly, [Russian leader Vladimir] Putin, with his back to the wall, could turn off gas supplies to Europe, cutting off the continent’s energy lifeline,” Vandana Hari at energy markets consultancy Vanda Insights told the BBC.

The price of Brent crude rose by more than 20% last week as the conflict triggered fears of a shortage of oil on the global markets.

Consumers around the world have seen costs jump in recent days as they feel the impact of rising wholesale energy prices.

On Sunday, the American Automobile Association said that US petrol prices at the pump jumped by 11% over the past week to the highest level since July 2008.

In the UK, the average price of petrol has risen above £1.50 a litre, according to the RAC.

Meanwhile, a jump in the price of gas amid the Ukraine conflict has added to worries that annual UK household energy bills could reach £3,000.

In recent days, the cost of gas in Europe and the UK has hit record levels as fears persist that Russian supplies could be reduced.

Tags: ghanaRising cost of fuel affecting sales of high engine capacity cars - Automobile Dealers
No Result
View All Result

Highlights

Local Bourse Rallies Strongly as GSE-CI Hits Near 7,000 Mark

Treasury Exceeds Auction Target of GHS 3.86 Billion Amid Tightening Yields

BoG Raises GHS 15.38 Billion via 56-Day Bills to Reinforce Tight Monetary Policy Stance

Passage of Competition Law Key to Tackling DSTV’s Market Dominance – CUTS International

Why Are Interest Rates Still High? The MPR vs Market Rates Debate

Climate Change Is Making Africa’s Debt Burden Worse – New Debt Contracts Could Help

Trending

Agribusiness

Chamber of Agribusiness Calls for Sector-Wide Price Cuts and Urgent Government Support to Curb Food Crisis

August 4, 2025

Chamber of Agribusiness Calls for Sector-Wide Price Cuts and Urgent Government Support to Curb Food Crisis The...

The Perils of Market Interventionism: When Political Pressures Threatens Ghana’s Economic Gains – The Way Forward

August 4, 2025

GAB Projects Drop in Lending Rates Starting August 6 Following BoG’s 300bps Policy Rate Cut

August 4, 2025

Local Bourse Rallies Strongly as GSE-CI Hits Near 7,000 Mark

August 4, 2025

Treasury Exceeds Auction Target of GHS 3.86 Billion Amid Tightening Yields

August 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.