Fuel prices at the pumps will see a marginal increase in the first pricing window of January 2022. This is as a result of the 8.18% increase in the price of the International Benchmark-Brent crude as well as the poor performance of the cedi against the dollar. This further means that fuel prices on the domestic market could go up by at least GHp18, representing a 2.8% increase. “For the January First Pricing-Window, the 8.18% increase in the price of...

The Chamber of Petroleum Consumers (COPEC) is worried that the directive to GOIL to reduce fuel prices could cost it GH¢9 million every month, insisting that is not a sustainable solution. Speaking on Eyewitness News, the Executive Secretary of COPEC, Duncan Amoah, said the directive was “very problematic” because of the possible effects on GOIL. Government had directed GOIL to reduce its fuel prices by 15-pesewas to bring respite to drivers who embarked on a sit-down strike on Monday. “What...

The GOIL Company Limited (GOIL) has with immediate effect withdrawn its membership from the Association of Oil Marketing Companies (AOMCs). GOIL’s decision followed accusations by the AOMCs that its recent reduction in fuel prices was influenced by the Government of Ghana, a major shareholder in the company. The AOMC had written to the Energy Minister, Dr Matthew Opoku Prempeh, asking the government to stay away from the price deregulation as being implemented by Oil Marketing Companies. In a strongly-worded statement to...

Government has directed the Ghana Oil Company (GOIL) to reduce price of fuel at the pumps effective Tuesday, December 7. This follows a crunch meeting between government and transport operators at the Presidency on Monday evening. Head of Communications at the GPRTU, Abass Imoro, who disclosed this on PM Express with Evans Mensah, on Monday, said government also committed to reviewing taxes on fuel in the mid-year budget review. He said they are satisfied with the outcome of the meeting and would...

The Coalition of Commercial Transport Owners has withdrawn its services until government scraps some taxes on fuel to enable reduction at the pumps. This has left many commuters who use their services to and from their various destinations stranded. The Coalition earlier threatened to embark on indefinite strike action today until government scraps taxes like the Price Stabilisation and Recovery Levy, Special Petroleum Tax, the Energy Recovery Debt Levy, and the Sanitation levy. Drivers at Ablekuma, clad in red armbands,...

Fuel prices are likely to hit GH¢7.0 per litre or more by the end of 2021, the Institute for Energy Security (IES) has projected. Global demand for fuel is expected to increase in the winter and that could trigger a hike in prices globally in the wake of limited supply, Mr Fritz Moses, a Research Analyst at the IES, told the Ghana News Agency (GNA) in an interview on Monday. He said depreciation of the cedi against the dollar could...

The Chief Executive of the National Petroleum Authority (NPA), Dr Mustapha Abdul-Hamid says the Authority has identified that a lot of illicit fuel trade activities were happening at the Aflao border. He stated that the NPA had not licensed any importer to bring fuel through the Aflao border and urged the border officers to stop importation of petroleum products by road. Dr Abdul-Hamid made these comments when he led management of the Authority to tour the Aflao border to familiarize...

Members of the Ghana Chamber of Bulk Oil Distributors (CBOD) have undertaken a tour of the newly built Takoradi jetty, which was constructed by Ibistek Limited, a Ghanaian-owned engineering consultancy firm. The project is part of an expansion programme led by Marshall Oil and Gas, a subsidiary of Ibistek Limited, in collaboration with the Ghana Ports and Harbours Authority (GPHA). Speaking to the CBOD members at the site of the new facility, Operations Manager of Ibistek, Stephen Nana Andoh, said...