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Crude Oil and Refined Products Market Review and Outlook Although the first quarter of 2025 saw an average increase of 1.38% in global oil prices, recent weeks have seen a sharp decline due to global uncertainties driven by the ongoing tariff war between the US and China. The uncertainty in the US/China tariff trade talks will continue to cloud global economic growth and fuel demand going into the second quarter of the year. Data shows that Brent spot prices declined...
Read moreCrude Oil and Refined Products Market Review and Outlook Global crude prices rose by an average of 1.38% in the first quarter of 2025 but have fallen significantly in recent weeks due to the global uncertainties arising from the current tariff war between the US and China. Crude prices peaked in February, with Brent spot prices rising to as high as $83/bbl. The U.S. Energy Information Administration (EIA), on April 10th, sharply cut its estimate of U.S. crude prices to...
Read moreCrude Oil and Refined Products Market Review and Outlook Global crude prices rose by an average of about 1.38% in the first quarter of 2025 compared to the last quarter of 2024. Prices reached their highest point in February, with Brent spot prices soaring as high as $83 per barrel. CITAC Africa attributed this rise primarily to “the trade-war-provoking rhetoric and actions of the new Trump Administration in the United States.” The rise in crude prices during the quarter can...
Read moreThe Chamber paid a courtesy call on the Commissioner General (CG) of the Ghana Revenue Authority (GRA), Mr. Anthony K. Sarpong, on March 14, 2025, at the GRA Head Office. The meeting was an opportunity to congratulate him on his new role and reaffirm the Chamber’s commitment to collaborating with the GRA to address key challenges in the downstream petroleum sector. During the engagement, the CBOD delegation, led by the Board Chairman Mr. Yaw Koduah-Sarpong and CEO Dr. Patrick Ofori,...
Read moreThe inaugural Downstream Women’s Summit 2025, organised by the Ghana Chamber of Bulk Oil Distributors (CBOD) and National Petroleum Authority (NPA), was held on Friday, 14th March 2025, at the National Petroleum Authority in Accra. The summit was an inspiring and transformative event dedicated to empowering women in the downstream petroleum sector. The summit brought together industry leaders, professionals, and key stakeholders for an afternoon of insightful discussions, knowledge sharing, and networking. The highlight of the event was a thought-provoking panel...
Read moreCrude Oil and Refined Products Market Review and Outlook Global crude prices peaked on 17th February with Brent spot prices rising to $83/bbl. According to CITAC Africa, this was largely due to “the trade-war instigating rhetoric and actions of the new Trump Administration in the US”. The price of crude rose in February due to the sharp decline in global stock, especially in the US. This largely attributed to the rise in price in the first selling window of March...
Read moreCrude Oil and Refined Products Market Review and Outlook The global demand for crude and petroleum products fell slightly in the window under review due to the US Administration’s tariff war policies which affected the supply chain dynamics and extended inflationary pressures within the oil markets, contributing to market volatility.. Even though crude oil prices have trended upwards in the past 4 months propelled by high demand, colder weather across the Northern Hemisphere, and optimistic global economic growth, crude prices...
Read moreThe Ghana Chamber of Bulk Oil Distributors (CBOD) welcomes Yaw Koduah-Sarpong as its new Board Chairman, succeeding Ivy Apea Owusu, whose tenure has been marked by outstanding leadership and industry advancements. Yaw, a seasoned professional with over 20 years of experience in the Oil and Gas sector, brings a wealth of expertise in Accounting, Finance, and Taxation. He is the Founder of NYKS Group Ltd and currently serves as the CEO of SA Energy Ltd, an affiliate Bulk Distribution Company....
Read moreThe Chamber of Bulk Oil Distributors (CBOD) is pleased to introduce its newly elected Board, comprising distinguished leaders dedicated to advancing Ghana’s petroleum downstream sector. The new Board will provide strategic direction, foster industry growth, and champion policies that ensure efficiency, transparency, and sustainability. Meet the CBOD Board Members: Emmanuel Akakpo – Cirrus Oil Services Limited Kingsley Sarpong – Chase Petroleum Ghana Limited Afia Owusuaa Darkwah – Fuel Trade Limited Amentor Aziakar – GOEnergy Limited Elton Kwabla Dusi – Maranatha...
Read moreOver the past four years, fuel prices in Ghana have undergone a dramatic surge, affecting households, businesses, and the overall economy. Pump prices for petrol and diesel have risen sharply, with petrol increasing by approximately 150% and diesel by nearly 200% from 2020 to 2024. In 2020, petrol and diesel pump prices averaged below GHS5/Ltr. However, current average pump prices are above GHS13/Ltr for both petrol and diesel. The factors driving these increments are numerous and complex, with the exchange...
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