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...

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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...

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Ghana has one month fuel cover – Senyo Hosi

The Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors, Mr Senyo Hosi has urged the public not to engage in panic buying of fuel because the country has a one-month fuel cover. Urging the public not to panic following a Bloomberg report about a looming shortage of fuel, Mr Hosi said members of the Chamber were working to keep the situation stable. "Yes, we are having challenges accessing dollars and if that continues, we will not be...

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Ghana has best quality fuel in West Africa; feel free to buy from any fuel station – NPA

The Head of Quality Assurance at the National Petroleum Authority (NPA), Saeed Ubeidalah, has urged consumers of petroleum products to feel free and buy petroleum products from any fuel station in the country. According to him, fuel sold in Ghana has the best quality in West Africa. “So far as the fuel station is operating and has not been shut down, you should be assured of high quality product for your vehicle or machine” adding that, “Ghana is the only...

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Tullow Oil confirms new gas reserves

Tullow Ghana confirms that the existing Jubilee and TEN Fields hold an estimated 1.5 and two trillion cubic feet (TCF) of hydrocarbons resources offshore in the Western Region. The existing gas resources are located within the Tweneboa, Enyenra, Ntomme (TEN) and the Jubilee fields. The Managing Director of Tullow Ghana Limited, Wissam Al-Monthiry, made this known during a virtual interaction with journalists last Friday on the merger between Tullow Oil PLC and Capricorn Energy PLC. He said although the company...

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Fast-track intervention to cushion consumers against rising fuel prices – IES to government

The Institute for Energy Security is appealing to government to fast-track intervention in the rising fuel prices at the pumps to cushion consumers against hardships, following an expected increase in fuel prices at the pumps beginning today, March 16th, 2022. According to the energy think tank, the hikes in fuel prices has impacted negatively on the cost of living of consumers and households, with inflationary pressures hitting businesses in the country. “It is rife for government to take a decision...

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Fuel prices to hit ¢11 per litre from Wednesday, March 16

Prices of petroleum products will from Wednesday, March 16 experience a significant surge as consumers are expected to pay ¢11 per litre. The Bulk Oil Distributors has blamed the situation on the volatility on the market as well as the rising cost of crude on the international market. According to the Chief Executive, Senyo Hosi, the cedi which is depreciating among other major trading currencies is also a factor for the rise in the price of the commodities. “This is...

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Fuel Price Hikes: We are suffering from weak policy planning by successive governments – Senyo Hosi

Chief Executive Officer (CEO) of the Ghana Chamber of Bulk Oil Distributors (CBOD), Senyo Hosi says the frequent hikes in petroleum prices in Ghana is a result of “very weak policy planning by successive governments.” His comment follows recent increases in the price of fuel, leading to a spike in the cost of living. According to Mr. Hosi, successive governments have only focused on the revenue-generating benefit of petroleum, but failed to consider the social implications of taxes on the...

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Fuel prices to go up by 25 pesewas per litre in February – IES predicts

The prices of petrol, diesel, and Liquefied Petroleum Gas (LPG) will go up by 25 pesewas per litre in the first two weeks of February, this year, the Institute for Energy Security has predicted. The Institute said the impending increment would be higher than projected if the Price Stabilisation and Recovery Levy (PSRL), currently suspended, was not extended for the month of February. In its projections for the February 2022 First Pricing Window, the IES attributed the expected increment to...

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Sulphur level of 50ppm waived till December 2024, continue to produce diesel and petrol at 1,500ppm — NPA to local refineries

The National Petroleum Authority (NPA) has announced the directive to local refineries to produce and supply at Sulphur level of 50 parts per million (50ppm) in accordance with the ECOWAS directive on Harmonized Specification for Automotive Fuels has been waived. The waiver effective Thursday, January 20, 2022 will run till 31st December 2024. It means that local refineries that refine automotive fuels can continue to produce and supply diesel and petrol containing sulphur levels not exceeding 1,500 mg/kg (ppm) to...

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