Government must be modest in its promise of getting affordable fuel -Senyo Hosi

The former Chief Executive of the Ghana Chamber of Bulk Oil Distributors, Senyo Hosi, has urged government to be modest about its promise to get affordable petroleum products to the Ghanaian market. His comments come on the back of information that a government of Ghana delegation is currently in Abu Dhabi negotiating a deal to bring in the products. President Akufo-Addo in his latest address to the nation on the state of the economy revealed that his government is working...

Read more

Issue fuel coupons to the needy – Chamber Bulk Oil Distributors urges government

The Chamber of Bulk Oil Distributors (CBOD) says government can issue fuel coupons to consumers as a way of reducing the impact of the rising cost of the product on their livelihoods. In an interview aired on Joy FM’s Midday News, the CEO of CBOD, Dr. Patrick Ofori said, this could be done in collaboration with transport operators and some Oil Marketing Companies. “I think government maybe can issue something like fuel coupons like it is done in some countries, like...

Read more

Government suspends subsidy on Residual Fuel Oil

The government has suspended the subsidy on Residual Fuel Oil (RFO) until further notice, effective November 1, 2022.   The move, according to the National Petroleum Authority (NPA), is in line with the directive from the Ministry of Energy as an interim measure to ease the financial burden on the Price Stabilisation and Recovery Account (PSRA).   “The Policy directive takes into consideration the growing concern about the sustainability of the Account to meet under-recovery payment obligations for Premix Fuel...

Read more

17 OMCs did not pay GH¢249.8m duties, taxes between 2022, 2021 – Auditor General

Seventeen Oil Marketing Companies did not pay duties and taxes totaling GH¢249,800,802.28 on 219,995,530 litres of fuel products lifted for the period January 2020 to December 2021. The Auditor General’s report on the audit of Ministries, Departments and Agencies noted this discrepancy from the Integrated Customs Management System (ICUMS). Twenty-eight Oil Marketing Companies failed to settle their rescheduled debts of GH¢402,049,571.70. This is contrary to Section 47 of the Revenue Administration Act, 2016 (Act 915). This law provides that, a...

Read more

Dr. Patrick Kwaku Ofori assumes office as CEO of Ghana Chamber of Bulk Oil Distributors 

Dr. Patrick Kwaku Ofori has officially assumed office as the CEO of the Ghana Chamber of Bulk Oil Distributors (CBOD), with a promise to lead the Chamber to pursue its vision of the overall growth of the industry and the country. He takes over from Senyo Hosi, the founding CEO of the Chamber. Mr. Hosi stepped down in June 2022 after 10 years in office. Speaking at a brief handing-over ceremony in Accra, Dr Ofori acknowledged the major contributions of...

Read more

CBOD donates laptop computers to University of Ghana

The Ghana Chamber of Bulk Oil Distributors (CBOD) has donated 20 laptop computers to the University of Ghana (UG) in support of the school’s ‘One student, One laptop’ initiative. The ‘One Student, One Laptop’ initiative, which was announced by the VC earlier this year, is aimed at ‘supporting needy students in the new virtual learning environment. Under the project, less-privileged members of the University community will each be given a laptop to help facilitate online teaching and learning. The laptops...

Read more

Patrick Kwaku Ofori appointed CEO of Chamber of Bulk Oil Distributors

The Ghana Chamber of Bulk Oil Distributors has announced the appointment of Dr Patrick Kwaku Ofori as its new Chief Executive Officer. His tenure begins on August 1, 2022. He will be filling the vacancy created by the departure of the Chamber’s founding CEO, Senyo Hosi, who is stepping down after 10 years of meritorious service. “Patrick has been selected to replace him after a rigorous assessment and interview process and the Chamber believes that he has what it takes...

Read more

Senyo Hosi to step down as CEO of Chamber of Bulk Oil Distributors

The CEO of the Ghana Chamber of Bulk Oil Distributors, Senyo Hosi is stepping down at the end of July 2022. Mr. Hosi, the founding CEO of the Chamber, is leaving office after 10 years of service. Under his leadership, the Chamber became recognized as one of the power houses for industry-based research and policy advocacy in Ghana. Through his efforts, and with support from the secretariat, the Chamber gained influence and showed innovation and leadership in the petroleum downstream...

Read more

BDCs get only $100million forex from BoG; $350million more needed to pay suppliers — Senyo Hosi

Chief Executive Officer (CEO) for the Chamber of Bulk Oil Distributors (CBOD), Mr. Senyo Hosi has disclosed that Bulk Oil Distributing Companies (BDCs) in the count need more forex to pay suppliers to bring in more fuel products. In the midst of the fuel shortage scare, Senyo noted that the BDCs are facing the major challenge of accessing inadequate forex from the market. Engaging the media in a virtual CBOD Media Dialogue session on Thursday, June 23, 2022, Mr. Senyo...

Read more

Fuel Price Hikes: Fix TOR now – IES tells government

Record-high fuel prices mean government can no longer ignore the glaring need to revamp Tema Oil Refinery (TOR), says Institute for Energy Security (IES). Ghanaians are staggering under rising fuel costs, with prices having risen about 50 percent in the first five months of this year alone. The 45,000 barrels per day capacity refinery cracked approximately 7 million barrels of crude between mid-2015 and end 2016, but now sits idle because successive managements and boards since 2017 have literally failed...

Read more