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Business News of Friday, 23 September 2022

Source: www.ghanaweb.com

FLASHBACK: STC spends GH¢2 million on fuel every two weeks - Nana Akomea discloses

Managing Director of STC, Nana Akomea Managing Director of STC, Nana Akomea

Managing Director of STC, Nana Akomea, in October 2021 noted that his outfit spent GH¢2 million on fuel every two weeks.

He also bemoaned the incessant price increment of petroleum products on the market.

Speaking on PeaceFM's kokrokroo show, Nana Akomea said, "We pay GHC 2 million to Goil every two weeks."

Read the full story originally published on October 13, 2021 by peacefmonline.

STC boss, Nana Akomea, has made a shocking revelation of the company's expenses on fuel.

The Chamber of Petroleum Consumers (COPEC) recently called for the government to remove the Price Stabilisation and Recovery Levy (PSRL) to curb the persistent petroleum products' price hikes.

“The two key indicators, that is international market prices and foreign exchange differentials, are all likely to affect average pump prices of petroleum products by between 2% to 3% or (10p/Litre for both products) in this second pricing window of September 2021.”

“This would likely translate to reviewed figures by the various Oil Marketing Companies (OMCs) as those selling at current prices for gasoline and gasoil at GH¢6.38 could be reviewed upwards to between GH¢6.45/-GH¢6.52/L for both Gasoline and Gasoil,” a COPEC statement read.

Nana Akomea, like COPEC, is equally worried about the petrol price increases.

According to him, the State Transport Corporation (STC) spends millions of cedis on fueling its buses and what is more shocking is that these millions are expended in two weeks.

"We pay GHc 2 million to Goil every two weeks," he disclosed on Peace FM's ''Kokrokoo''.

Nana Akomea also expressed worry over the company's losses as a result of the border closure arising from the COVID-19 pandemic.

He stated; ''In the last 17 months, from March last year, we've lost over 42 million cedis because of the border closure''.

This, he said, indicating that STC incurs a huge cost in running its business.

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