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Ghana: PETROSOL’s GHS100 mln Bond Draws 178% Subscription
PETROSOL Platinum Energy PLC, a Ghanaian leading ISO-certified oil marketing company, on Monday listed the first tranche of its GHS200 million (approximately $17.94million) note programme on the Ghana Fixed Income Market (GFIM), after the GHS100 million issue attracted bids worth GHS178.07 million.
The oversubscription marks PETROSOL’s maiden issuance under the programme, which was approved by Ghana’s Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE).
The company’s four-year Series 1 tranche attracted GHS114.28 million in bids against a GHS50 million target, representing 229% subscription from 66 underlying investor clients.
The five-year Series 2 tranche received GHS63.80 million in bids against a GHS50 million target, representing 128% subscription from 18 underlying investor clients.
PETROSOL said the strong demand reflected investor confidence in the company’s credit profile and growth plans.
The company plans to return to the market to raise the remaining GHS100 million under the note programme, in line with its strategic plan.
PETROSOL said proceeds from the initial issuance would be used primarily to strengthen working capital, allowing it to shift fuel procurement from credit purchases to cash purchases, reduce its cost of sales and improve margins.
Part of the proceeds will also be used to expand the company’s network of retail service stations.
GSE, SEC hail PETROSOL bond listing as investor demand hits 178%
The Managing Director of the Ghana Stock Exchange (GSE), Abena Amoah, has described PETROSOL Platinum Energy PLC’s maiden bond issuance as a timely demonstration of how Ghanaian businesses can leverage the capital market to finance growth.
Speaking at the listing ceremony in Accra, Amoah said the substantial oversubscription of PETROSOL’s GHS100 million bond programme showed that the capital market could provide businesses with access to long-term financing while creating new investment opportunities.
“Your notes programme, substantially oversubscribed, arrives at the right time. It proves that Ghanaian businesses can look to Ghana’s capital markets to finance their ambitions, while opening new avenues for investors to share in your growth,” Amoah said.
She congratulated PETROSOL’s Board and Management for what she described as a bold step, noting that the GSE had closely followed the transaction through to completion.
According to Amoah, access to long-term capital remains a major constraint for Ghana’s private sector, despite significant pools of domestic savings held by banks, pension funds and insurance companies.
She said these funds require credible investment opportunities capable of supporting productive businesses and economic growth.
However, she cautioned that accessing the capital market comes with significant responsibilities for issuers.
“Access to the capital market comes with responsibility. A listing is not only an achievement. It places the issuer on a continuous journey and creates long-term obligations,” she said.
SEC urges PETROSOL to safeguard investor interests
Director-General of the Securities and Exchange Commission (SEC), James Klutse Avedzi, commended PETROSOL for sustaining its operations for more than two decades and expanding its retail network from four service stations to 109 over the past decade.
Avedzi said PETROSOL’s strategy to deepen market penetration, strengthen its competitive position and accelerate growth was now supported by the capital market.
“The vision of PETROSOL PLC to deepen market penetration, strengthen its competitive position and accelerate growth is finally on track with the capital market as a reliable partner,” he said.
He urged the company to strengthen its internal controls and systems to ensure that securities issued under the programme are serviced in accordance with their terms and conditions.
Such measures, he said, would help protect investors and preserve confidence in Ghana’s capital market.
Avedzi also expressed the expectation that the relatively lower cost of financing secured through the capital market would support PETROSOL’s operations. He encouraged the company to consider raising equity capital in the future to strengthen its balance sheet and increase its market capitalisation.
The SEC, he added, remained committed to expediting the review and approval of relevant applications while maintaining market integrity.
PETROSOL pledges disciplined use of bond proceeds
PETROSOL Board Chairman Daniel Acheampong said the successful listing was the result of nearly three years of preparation focused on strengthening the company’s governance, reporting and financial discipline.
“This listing is the result of nearly three years of deliberate preparation by the Board and Management, strengthening our governance, our reporting and our discipline so that when we came to the market, we would come as a credible institutional counterparty, not merely a hopeful borrower,” Acheampong said.
He said the strong demand for both bond tranches demonstrated investors’ recognition of the work undertaken by the company.
Acheampong pledged that the Board would ensure the funds raised were applied strictly in accordance with the commitments made to investors.
PETROSOL Chief Executive Officer Michael Bozumbil said accessing the capital market had been part of the company’s long-term growth strategy.
He said the company had evolved from a small petroleum business consulting practice into an established oil marketing company despite operating through challenging periods for Ghana’s economy.
“A combined 178% subscription on our first issuance is a strong vote of confidence from the investment community,” Bozumbil said.
He said Management remained committed to using the proceeds for working capital enhancement, cash-based fuel procurement and expansion of the company’s retail network.
PETROSOL notes begin trading on GFIM
The listing adds PETROSOL to the growing number of corporate issuers on the Ghana Fixed Income Market (GFIM), as Ghana’s capital market institutions seek to deepen the domestic market beyond government securities.
Trading in PETROSOL’s Series 1 and Series 2 notes on the GFIM is scheduled to begin following the listing.
Settlement, registry and depository services for the notes are being provided by the Central Securities Depository (GH) Ltd.
The GSE, SEC and other market institutions have increasingly sought to encourage Ghanaian companies to tap domestic capital markets for longer-term financing while providing institutional investors with alternatives to traditional government securities.
Ghana: GRIDCo Completes Replacement Of Damaged Transmission Tower In Ashaiman, Sets Sept. 12 Deadline For Encroachers To Vacate
Ghana Grid Company Ltd (GRIDCo) has completed the replacement of a damaged transmission tower at Ashaiman Middle East on the 161-kilovolt Tema-Achimota transmission line, restoring power to areas of the Greater Accra Region affected by the repair work, the company said.
GRIDCo said in a statement on Sunday that its engineers and technical teams had safely completed the work.
The transmission tower was damaged on July 10 when a fuel tanker exploded while welding work was being carried out on its tank within the transmission line’s right-of-way (RoW).
GRIDCo thanked the public for its patience, understanding and cooperation during the maintenance work.
The company also reminded the public that encroachment on transmission line rights-of-way is prohibited.
The warning follows an earlier directive by Energy and Green Transition Minister John Abdulai Jinapor, giving persons, businesses, land users and other entities operating within transmission line corridors until Sept. 12, 2026, to vacate the affected areas.
GRIDCo said that after the deadline, it would work with relevant statutory institutions to enforce the law and remove all unauthorised structures and activities from its transmission line rights-of-way.
Nigeria Needs Skilled Workforce To Unlock $50bn Offshore Oil Investment, Regulator Says
Nigeria needs to invest in skills development in the oil and gas sector to fully benefit from the Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026, recently signed by President Bola Tinubu, the country’s upstream petroleum regulator said.
The order has the potential to unlock $50 billion in new offshore investments and create jobs, said Oritsemeyiwa Eyesan, chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
However, Nigeria needs a modern upstream workforce to take advantage of the opportunities, attract foreign investment and increase oil production to 3 million barrels per day by 2030, Eyesan said.
Speaking at the Oil and Gas Trainers Association of Nigeria (OGTAN) inaugural Human Capital Development (HCD) Conference and Expo 2026 in Warri on Thursday, Eyesan said the sector faced a skills gap following a decline in offshore oil and gas investment over the past decade.
Nigeria attracted up to $26 billion in oil and gas investment in 2014, but that figure had fallen to about $2 billion annually by 2023, she said.
“In that period, the first that we lost were the geoscientists. So, once the budget cuts started, there was no more exploration, so the geoscientists had to be offloaded,” Eyesan said.
“Then some petroleum engineers became casualties because, for operators, it was no longer about drilling new wells but about survival mode — just maintenance and what have you. Our infrastructure was heavily derated because we were not investing.”
With new investments now returning to the sector, Nigeria needs to rebuild its technical capabilities, particularly in subsurface disciplines, Eyesan said.
“Today we are attracting new investments and so we want to see an upward trajectory. It stands to reason that you must go back to the basics. First of all, we need the right competencies in sub-surface,” she said.
But the skills required today are broader than those needed a decade ago, as digital technologies and artificial intelligence reshape the industry.
“What happened in 2014 is not what we are facing today because the digital age has taken over the business,” Eyesan said.
“So, you’re not just looking at a driller anymore. Today, you are talking about digital. You must know how to digitally drill.”
Eyesan identified six priority competency areas requiring urgent attention: digitalisation, artificial intelligence and data analytics; advanced subsurface and reservoir management; commercial, fiscal and regulatory expertise; gas development and energy transition; asset integrity, health, safety and environment (HSE) and decommissioning management; and project leadership, stakeholder management and multidisciplinary collaboration.
Ghana: Jubile Field Crude Oil Production Rises To 76,032 bpd In June From 67,256bpd In January 2026
Crude oil production from Ghana’s Jubilee Field increased in the first half of 2026, although output fluctuated during the period, data from the country’s upstream petroleum regulator showed.
Production stood at 67,256.32 barrels per day (bpd) in January and rose to 71,987.57 bpd in February, according to data from the Petroleum Commission.
Output declined to 69,961.94 bpd in March before rising to 71,151.00 bpd in April.
Production fell again to 68,909.48 bpd in May but rebounded to 76,032.27 bpd in June, the highest monthly output recorded during the first half of the year.
The increase highlights higher crude output from Jubilee, one of Ghana’s key oil-producing assets, amid efforts to sustain and increase production from the country’s mature oil fields.
Gas production
Gas production from the Jubilee Field stood at 196.22 million standard cubic feet per day (MMscf/d) in January but declined to 174.78 MMscf/d in February and 159.04 MMscf/d in March.
Output recovered to 163.44 MMscf/d in April, rising further to 175.46 MMscf/d in May and 191.83 MMscf/d in June.
Despite the recovery in the second quarter, gas production in June remained below the January level.
Flared gas stood at 8.48 MMscf/d in January and increased to 12.18 MMscf/d in February. It subsequently declined, reaching 10.72 MMscf/d in June.
Meanwhile, gas exports to the Ghana National Gas Company (GNGC) increased consistently during the period, rising from 108.70 MMscf/d in January to 123.52 MMscf/d in June.
Tanzania Commissions $3.35 Billion Julius Nyerere Hydropower Plant (Photos)
Tanzanian President Samia Suluhu Hassan on Saturday officially commissioned the Julius Nyerere Hydroelectric Power Plant (JNHPP), with a generation capacity of 2,115 megawatts, at the project site in Rufiji, Pwani region.
The 7.452 trillion Tanzanian shilling ($3.35 billion) plant was built between June 2019 and March 2025.
The inauguration was attended by senior officials including Vice President Emmanuel Nchimbi, Prime Minister Mwigulu Nchemba, Egyptian Prime Minister Mostafa Madbouly and Energy Minister Deogratius Ndejembi.
The inauguration marked the completion of the major strategic project, which was financed entirely by the Tanzanian government.
The project has increased Tanzania’s electricity generation capacity and strengthened energy security.
Tanzania Electricity Supply Company Limited (TANESCO) Managing Director Lazaro Twange said the government is relying on the Julius Nyerere Hydropower Project to transform the country’s electricity generation capacity and strengthen its position as a major business and investment hub in East Africa.
Twange said the plant would significantly increase Tanzania’s power supply and support economic and commercial growth.
He described the dam as a major strategic engineering project equipped with modern infrastructure aimed at strengthening Tanzania’s energy security and economic potential.
“The project’s nine turbines will substantially expand Tanzania’s electricity generation capacity, creating greater room for industrial growth, investment and trade,” he said.
The government, through TANESCO, signed a construction contract for the project on Dec. 12, 2018, with Egyptian companies Arab Contractors and Elsewedy Electric.
A day earlier, on Dec. 11, 2018, the government assigned TANESCO responsibility for overseeing the project’s implementation.
Twange said TANESCO subsequently signed an agreement with the Tanzania National Roads Agency (TANROADS) on April 17, 2019, covering consultancy and supervision of some project activities.
The dam is one of Tanzania’s largest and most strategic infrastructure projects, comprising six key components that form the power-generation complex, Twange said.
The government, through TANESCO, signed a construction contract for the project on Dec. 12, 2018, with Egyptian companies Arab Contractors and Elsewedy Electric.
A day earlier, on Dec. 11, 2018, the government assigned TANESCO responsibility for overseeing the project’s implementation.
Twange said TANESCO subsequently signed an agreement with the Tanzania National Roads Agency (TANROADS) on April 17, 2019, covering consultancy and supervision of some project activities.
The dam is one of Tanzania’s largest and most strategic infrastructure projects, comprising six key components that form the power-generation complex, Twange said.
Ghana: Madina, Nima, Cantonment, Other Accra Areas To Experience 15-Hour Power Outage On Sunday
The Electricity Company of Ghana (ECG) has released a list of areas in Accra that will experience a power outage from 3 a.m. to 6 p.m. on Sunday as part of emergency works by the Ghana Grid Company (GRIDCo) to replace a damaged transmission tower on the Tema-Achimota 161-kilovolt transmission line at Ashaiman Middle East.
In a statement, ECG said the affected areas include Nima Township, Kanda Highway, Kanda Estate, Kokomlemle, Sulana, Circle, Madina Township, Okponglo and Cantonment.
Other affected areas include Osu Oxford Street, Mallam Atta Market, parts of Ridge, Labone, Kojo Sardine, Teshie Rasta Road and surrounding areas.
The transmission tower was damaged on July 10 when a fuel tanker exploded while welding work was being carried out on its tank within the transmission line right of way (RoW).
ECG expressed regret for any inconvenience the planned interruption may cause customers in the affected areas.
In a separate statement on Saturday, GRIDCo said its engineers and technical teams would use the outage period to safely undertake the remaining work needed to restore the integrity of the transmission line.
“To facilitate the replacement works and ensure the safety of personnel and the public, power supply to some locations in the Greater Accra Region will be interrupted during the period of work,” GRIDCo said.
GRIDCo said it was collaborating with ECG to mitigate the impact of the interruption on customers and communities in the affected areas.
“We sincerely apologise for the inconvenience this interruption will cause and request the patience, understanding and cooperation of the public as GRIDCo works progressively to complete this critical work,” the company said.
Botswana: BPC Restores Power To Most Areas After Unplanned Nationwide Outage
Botswana experienced power outages in several parts of the country on Saturday, leaving households and businesses without electricity.
The country’s power utility, Botswana Power Corporation (BPC), confirmed the outage in a statement, saying it was caused by a disturbance on the power system.
BPC said electricity had been restored to most affected areas, while teams were continuing to work to reconnect customers in the remaining areas.
The power utility apologised to customers for what it described as an unplanned power interruption.
Energy News Africa Joins ADNOC As Media Partner For ADIPEC 2026
Energy News Africa, a leading Pan-African energy news portal, has joined the Abu Dhabi National Oil Company (ADNOC) as a media partner for the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2026, scheduled for Nov. 2-5, 2026, in Abu Dhabi, United Arab Emirates.
ADIPEC is hosted by ADNOC and organised by dmg events.
The event will take place at the Abu Dhabi National Exhibition Centre (ADNEC) and will bring together energy industry leaders, policymakers, investors and technology providers from around the world.
The 2026 edition will feature more than 2,250 exhibitors and 13 conference programmes with more than 380 sessions covering issues including energy security and resilience, policy and regulation, finance and investment, artificial intelligence, digitalisation, upstream, natural gas and LNG, downstream and clean energy.
Operating from Accra, Ghana, Energy News Africa has established itself as a specialist media platform covering Africa’s power, oil and gas and broader energy sectors.
The publication has readers across Africa, Europe, the Americas, Asia and the Middle East, including the United Arab Emirates.
Since its establishment in 2018, Energy News Africa has covered developments involving governments, regulators, energy companies and industry leaders across Africa.
The publication has also partnered with international energy events, including Enlit Africa, formerly African Utilities Week; African Energy Week (AEW), held in South Africa; and Africa Oil Week (AOW), which is currently hosted in Accra.
Commenting on the partnership, Michael Creg Afful, Executive Director of Energy News Africa Ltd, said the agreement was an acknowledgement of the publication’s credibility and growing international reach.
“This partnership is an acknowledgement that international organisations have recognised Energy News Africa as a credible platform. Since our inception in 2018, we have created visibility for UAE companies in Africa, as well as for power and oil and gas companies in Africa and the rest of the world,” Afful said.
“We believe this partnership is a great opportunity and also a challenge for us to do more,” he said.
Afful said Energy News Africa hoped the partnership would develop into a long-term relationship.
“We wish that this partnership will be a long-lasting partnership,” he said.
ADIPEC 2026 will provide a platform for global energy stakeholders to discuss energy security, competitiveness, resilience, investment and the technologies shaping the future of the energy industry.
The event is held under the patronage of Sheikh Mohamed bin Zayed Al Nahyan, president of the United Arab Emirates.
Brazil’s PETROBRAS Begins Negotiations for Four Exploratory Blocks in Ghana
Brazilian state-owned energy company Petrobras said on Friday it had submitted an expression of interest in four exploratory blocks in the offshore Keta Basin in Ghana.
Ghana’s Ministry of Energy and Green Transition has approved Petrobras’ application to negotiate exploration contracts for the four blocks, the company said.
With the approval, Petrobras has entered the phase of direct negotiations on the terms of the exploration contracts.
“The initiative is aligned with Petrobras’ strategy to replenish oil and gas reserves by exploring new frontiers, both in Brazil and abroad, as provided for in its Business Plan,” the company said.
The evaluation of new opportunities aims to diversify Petrobras’ exploration portfolio while generating value and supporting the long-term sustainability of its business.
As Petrobras is keen on boosting its oil and gas reserves through the exploration of new frontiers, both in Brazil and abroad, the assessment of new opportunities seeks to diversify the company’s exploration portfolio.
This is part of the Brazilian player’s plans to promote value creation and the long‑term sustainability of its business.
The confirmation of discussions in Ghana comes shortly after Petrobras made a hydrocarbon discovery in a frontier well offshore Amapá.
Nigeria: Kaduna Electric Special Board Assumes Office, Vows To Turn Around Company
The newly appointed special board of Kaduna Electric assumed office on Wednesday, signalling a renewed effort to address the company’s operational challenges, improve performance and restore it to a sustainable growth trajectory.
The board, chaired by Dr. Abdullahi Garba, met with the management and staff of Kaduna Electric at the company’s headquarters in Kaduna as part of its first official engagements.
The Nigerian Electricity Regulatory Commission (NERC), Nigeria’s electricity regulator, recently dissolved the previous board over the company’s cumulative market obligations of 456.5 billion naira ($335.2 million).
Speaking during the staff engagement, Garba described the intervention as an opportunity for a new beginning and said the board was determined to work with management and employees to improve the company’s performance and restore stakeholder confidence.
“This is a new beginning for Kaduna Electric, and we must all take ownership of the transformation process. The Board is committed to providing the leadership and support required to reposition the Company, but we cannot achieve this alone. I therefore call on every member of staff to bring their experience, commitment and professionalism to the task ahead. Together, we can build a Kaduna Electric that we will all be proud of,” Garba said.
Dafe C. Akpeneye, commissioner for legal, licensing and compliance at NERC, said the intervention would receive the necessary support from the federal government, with measures being considered to address some of the company’s immediate and critical needs.
The newly constituted board comprises Garba as chairman, Francis U. Agoha, Aliyu E. Aliyu, Major General Henry E. Ayamasaeoewi (rtd), Haliru Dikko, Ayodeji A. Gbeleyi, representing the Bureau of Public Enterprises (BPE), and Umar Abubakar Hashidu, who will serve as administrator and special director.
The board has been constituted for an initial six-month term.
Management and staff welcomed the new board and expressed their readiness to work with it to achieve the objectives of the intervention, improve operational performance and strengthen service delivery to customers across the company’s franchise area.
Kaduna Electric said it remained committed to working with the board, NERC, the federal government, employees, customers and other stakeholders to deliver a sustainable turnaround and build a stronger, more efficient and customer-focused company.
($1 = 1,362 naira)
Ghana: Power Supply Fully Restored Across All Affected Areas – GRIDCo
Ghana’s power transmission company, GRIDCo, has confirmed that power supply has been fully restored to all affected areas following a system disturbance that occurred on Thursday, August 20, 2026.
The system disturbance occurred at about 4:30 a.m. on Thursday, triggering widespread power outages.
In a statement on Friday updating the public, GRIDCo said the restoration process commenced immediately, with its engineers and power sector technical teams working diligently to restore power to all affected areas.
“By 12:03 p.m., power had been restored to all affected areas,” the company said.
GRIDCo expressed appreciation to the public for their cooperation and support throughout the restoration process.
The company said it would continue to implement measures to strengthen the reliability, stability and resilience of the transmission network.
“GRIDCo appreciates the patience, understanding and support of the public, as well as the continued cooperation of all stakeholders,” the statement concluded.
Nigeria: NERC Cedes Akwa Ibom Power Oversight To State
The Nigerian Electricity Regulatory Commission (NERC) has transferred regulatory oversight of Akwa Ibom state’s intrastate electricity market to the Akwa Ibom State Electricity Regulatory Commission (AKSERC), NERC said in a statement.
The transfer follows Akwa Ibom’s formal notification and request for the devolution of regulatory authority over electricity operations within the state, in line with amendments to Nigeria’s constitution and the Electricity Act 2023.
NERC directed Port Harcourt Electricity Distribution Plc (PHEDC) to incorporate a subsidiary, to be known as PHEDC SubCo, which will assume responsibility for electricity supply and distribution within Akwa Ibom.
Under the order, PHEDC must complete the incorporation of the subsidiary within 60 days of Aug. 18, 2026. PHEDC SubCo will then apply to AKSERC for the appropriate licence to undertake electricity supply and distribution within the state.
NERC said all transfers envisaged under the order must be completed by Feb. 17, 2027.
The move places regulation of electricity distribution and supply activities confined to Akwa Ibom under the state regulator, while NERC retains responsibility for federally regulated activities.
The transfer is part of a broader restructuring of Nigeria’s electricity regulatory framework following amendments to the constitution and the Electricity Act, which allow states to regulate electricity markets within their jurisdictions.
Under the new framework, NERC remains responsible for electricity activities that cross state or national boundaries, including interstate and international generation, transmission, supply, trading and system operations. State regulators can oversee intrastate markets where the relevant state has established the required regulatory institutions and formally sought the transfer of authority.
NERC’s order also provides for the separation of PHEDC’s operations in Akwa Ibom through the creation of PHEDC SubCo, which will operate under the regulatory framework established by AKSERC.
The development provides a legal and regulatory framework for electricity distribution and supply in Akwa Ibom as the state assumes responsibility for regulating its intrastate electricity market.
DNO Divests Côte d’Ivoire Business To Panoro Energy In $86.5 million Deal
DNO ASA has agreed to sell its Côte d’Ivoire oil and gas business to Panoro Energy ASA for $86.5 million as the Norwegian operator concentrates its portfolio around its expanded North Sea operations.
The transaction covers DNO CI LLC, the company through which DNO holds its interests in Côte d’Ivoire.
Total consideration consists of $65.1 million in cash and 7 million newly issued Panoro shares.
The divested business is currently producing approximately 3,300 boed net to DNO.
At the transaction’s effective date, the assets held 9.4 MMboe of net proved plus probable (2P) reserves and 5.0 MMboe of net 2C contingent resources.
DNO acquired the Côte d’Ivoire business from RAK Petroleum plc in 2022.
The company said the assets have since become less central to its portfolio following its expansion in the North Sea and growth in company-wide net oil and gas production to nearly 150,000 boed.
DNO estimates it generated an annualized internal rate of return of approximately 24% on its Côte d’Ivoire investment since entering the country in October 2022.
The transaction is expected to close in mid-September 2026.
Nigeria: Atiku Says He Would Restore Petrol Subsidy If Elected Nigeria President
Nigeria’s African Democratic Congress (ADC) presidential candidate Atiku Abubakar said on Wednesday he would restore the petrol subsidy if elected president in 2027, accusing the government of failing to account for funds saved by its removal.
“I did not oppose the removal of the oil subsidy, but where is the money? Where did it go? It was intended to reduce poverty and help children attend school. Where is the money now? It seems they are just stealing it,” Atiku said in Hausa.
“If elected, I will bring back the oil subsidy, and whoever stole the money must refund it,” he said.
Atiku said the removal of the petrol subsidy could have been justified if the savings had been channelled into development projects across the country.
“The government successfully removed the subsidy, but we do not know where the money went. If they had used the money for development, to solve security problems, for education, and to create opportunities for the youth, it would be different. If elected, I can remove the subsidy and use the money to do all these properly,” he said.
President Bola Tinubu announced the removal of the petrol subsidy in his inaugural address on May 29, 2023.
The decision triggered an immediate increase in petrol prices and pushed up the cost of living, with the prices of goods and services rising across the country.