OMCs can’t fix fuel prices higher than NPA’s schedule — AOMC

The Association of Oil Marketing Company (AOMC) has disclosed that Oil Marketing Companies (OMCs) cannot fix fuel prices higher than the scheduled price build up from the regulator, the National Petroleum Authority (NPA) under the deregulation policy. Mr Kwaku Agyemang-Duah, Executive Director of the AOMC said there was a scheduled price build-up from the NPA, which they could not depart from adding that it was to prevent them from making unnecessary profit, and taking the customers for granted. He added...

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Exxonmobil’s withdrawal is lack of confidence in parochial Akufo-Addo’s gov’t – Minority

The Minority in Parliament says lack of confidence in the Nana Akufo-Addo-led government is the reason why ExxonMobil has withdrawn its interest in Ghana’s Deep Water Cape Three Point. ExxonMobil said it is unwilling to enter an extension of the contract originally signed in 2018. It stated its decision in a letter to Ghana’s Energy Minister, Dr. Matthew Opoku Prempeh, and other stakeholders including the CEO of the Ghana National Petroleum Corporation (GNPC), Dr. KK Sarpong and Egbert Faibile Jnr.,...

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Fuel prices at pumps to marginally increase in June – IES predicts

The Institute for Energy Security (IES) is predicting a marginal increase in fuel prices at the pumps in Ghana in the first pricing window of June 2021. The price of fuel on the local market remained stable in May despite an expected marginal increase by the Oil Marketing Companies (OMCs) at the start of the pricing window. Currently, the national average price of fuel per litre at the pump still remains pegged at Gh¢5.78 for both products. Taking into consideration...

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Ibistek introduces newly built Takoradi Oil Jetty to CBOD members

Ibistek Limited, an engineering consultancy firm, has introduced the newly built Takoradi Oil Jetty to members of the Ghana Chamber of Bulk Oil Distributors. The automated jetty was constructed following a concessional agreement between the Ghana Ports and Harbours Authority and Ibistek Limited. The project is part of an expansion programme led by Ibistek Limited. The new jetty has five loading arms for diesel, petrol, bitumen, heavy fuels and LPG and has a pipeline of about 1.5km to a manifold...

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AOMC marks six years of deregulation of petroleum pricing

The Association of Oil Marketing Companies (AOMC), has marked six years of the deregulation policy of petroleum product pricing in the country, which started fully on June 15, 2015. Mr Kwaku Agyemang-Duah, AOMC Executive Director explained that the issue of the pricing of petroleum products had dominated public discourse and policy contestations for years as the difference in opinions focused on subsidy removal, deregulation, or appropriate pricing. He emphasised that the pricing of petroleum products such as petrol and diesel...

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Gas production experiences significant rise – PIAC Report

Gas production experienced a significant rise in 2020 with a total production of 237,962.82 MMSCF of Associated Gas (AG) and Non-Associated Gas (NAG), the 2020 Public Interest and Accountability Committee (PIAC) Annual Report has said. The increase in production was about 40 per cent over the 2019 volume of 169,508.61 MMSCF of raw gas produced from the Jubilee; Tweneboa, Enyenra, Ntomme (TEN); and the Sankofa Gye Nyame (SGN) oil Fields. The 2020 PIAC Annual Report on the management and use...

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Petroleum Hub project phase one completed

As part of the preparation of spatial plans for the siting of the Ghana National Petroleum-Hub project in the Jomoro Municipality, the Land Use and Spatial Planning Authority(LUSPA), the Ministry of Energy and the Jomoro Municipal Assembly, have completed phase one of the project. The first phase land-use plan covers two main towns, Old Kabenla Suazo and Bokakole-Nkwanta, which are to be considered for resettlement. A Principal Planner at the Land Use and Spatial Planning Authority in Accra, Mr Eugene...

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Fuel prices set to increase in the next 10 days — COPEC

The prices of fuel at the various pumps in Ghana are set to witness a marginal increase, the Chamber of Petroleum Consumers Ghana (COPEC-Ghana) has disclosed. This comes barely a month after fuel prices increased by over 12% due to the introduction of some taxes, increases in margins by the National Petroleum Authority (NPA), and industry as well as increases on the international market. Geopolitical events over the past few days leading to increases in International Market Prices of petrol,...

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LPG Marketers want govt to lift ban on construction of new LPG stations

The Liquefied Petroleum Gas (LPG) Marketing Companies Association says it may lose GH¢60million worth of investment made into building some 100 LPG retail outlets which remain incomplete. The government, after the Atomic Gas explosion in 2017, placed a ban on new LPG retail points to allow for proper assessment of all LPG outlets nationwide. Although the LPG marketers have petitioned the government and the National Petroleum Authority over the years to lift the ban, nothing has been done about it....

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Special Petroleum tax no more relevant, remove it – Bawa to Govt

Bongo lawmaker and a member of the Mines and Energy Committee of Parliament, Mr Edward Bawa has asked the government to immediately remove the Special Petroleum tax. He told Dzifa Bampoh on the First Take on 3FM Thursday May 6 that the tax which was introduced by the Mahama administration is not more relevant because the conditions that precipitated its creation are no more existing. Mr Bawa who was a consultant at the Energy Ministry under the Mahama administration further...

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