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Refined Products Price Review and Outlook The international market prices of finished petroleum products in the 27th June to 11th July 2023 pricing window, which are the premiums used in pricing petroleum products from 16th to 31st July 2023, changed marginally compared to the previous selling window. Crude oil prices on the world market within the period rose slightly by about USD1.48/bbl (2.13%) to about USD75.85/bbl majorly attributed to a cut in supply by giant oil-producing countries such as Saudi...
Read moreRefined Products Price Review and Outlook The international market prices of finished petroleum products in the 12th to 26th June 2023 pricing window, which are the premiums used in pricing petroleum products from 1st to 15th July 2023, changed marginally compared to the previous selling window. Crude oil prices at the world market declined by about 1.6% to about USD74.27/bbl. The average price of Petrol and LPG on the world market declined by 0.78% and 13.80% respectively while diesel rose...
Read moreThe management and staff of the Ghana Chamber of Bulk Distributors (CBOD) have planted 1,100 trees in the Chirapa Forest Reserve in Agomeda in the Greater Accra Region as part of the Green Ghana initiative. The chief executive of CBOD, Dr. Patrick Ofori, says the chamber is in full support of the initiative and took the decision to plant the trees to help offset its members’ carbon footprints. “It is something we want to encourage our members to adopt...
Read moreRefined Products Price Review and Outlook Global crude oil and refinery product prices continue to tumble due to uncertainties regarding the global economic outlook and unprecedented high inflation rates in the US and Europe. Although global crude prices rose slightly in April due to the surprise announcement by some OPEC+ nations to voluntarily cut production in May through to the end of 2023, crude prices have fallen considerably since then to about $72.46 per barrel. Crude prices rose to about...
Read moreThe Ghana Chamber of Bulk Oil Distributors (CBOD) has asked the Government to enhance measures to stabilise the cedi to ensure reduced fuel prices for Ghanaians. According to the Chamber, a strong cedi is critical to affordable petrol and diesel prices, which would also support business growth and cushion the public from the associated hikes in prices of goods and services. Dr Patrick Ofori, Chief Executive Officer (CEO), CBOD, said that among the two key variables that affected ex-pump prices...
Read moreThe Ghana Chamber of Bulk Oil Distributors (CBOD) has called on government to create an enabling environment that would ensure bulk distribution companies compete fairly in the gold for oil (G4O) programme. According to Chamber, the Bank of Ghana (BoG) underwriting the risks associated with commercial activities of the Bulk Oil Storage and Transportation company (BOST), gives the government sole shareholder private limited liability company, an upper hand over other players in the field. In a virtual press briefing on...
Read moreThe Ghana Chamber of Bulk Oil Distributors (CBOD) is not in any way opposed to the government’s gold-for-oil (G4O) programme, according to Chief Executive Officer, Dr Patrick Ofori. The Chamber is also not against the involvement of the Bulk Oil Storage and Transportation Company (BOST) in managing strategic petroleum stocks within the downstream petroleum sector, Dr Ofori says. CBOD, however, is advocating for a level playing field where BOST, in particular, is not singled out for preferential treatment that gives...
Read moreThe 2020/21 Ghana Petroleum Industry Report is an amalgamation of the 2020 and 2021 Industry reports. The Report extensively reviews Ghana's upstream and downstream petroleum sectors spanning policy, finance, infrastructure, and market activities in 2020 and 2021 The Report also highlights key developments and risks faced by the industry and provides recommendations for consideration by stakeholders. The in-depth analysis of this report intends to provide insight and relevant information to industry players, policymakers, academics, and business leaders to be able...
Read moreThe Liquefied Petroleum Gas Marketers Association has renewed calls for the taxes on LPG to be scrapped. The taxes on LPG constitute about 13% percent of the pricing. Though the price of LPG has gone down by about 7%, the association believes the removal of taxes will reduce the cost of LPG drastically and increase the consumption of the commodity. Speaking to Joy Business, Vice President of the LPG Marketers Association, Gabriel Kumi, said the government must prioritise the call...
Read moreThe Chief Executive of the National Petroleum Authority (NPA), Dr. Mustapha Abdul-Hamid, has been elected President of the African Refiners and Distributors Association (ARDA) in Cape Town, South Africa. The Executive Committee of the continental body approved the nomination last Sunday and the Annual General Meeting unanimously ratified the appointment on Thursday. This is the first time a Ghanaian is leading the Association and also the first time a petroleum downstream regulator is leading the body. In submitting the nomination,...
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