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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...
Read moreThe CEO of the Ghana Chamber of Bulk Oil Distributors (CBOD), Senyo Hosi has lauded Nigeria’s Matrix Energy Group for constructing a liquefied petroleum gas (LPG) storage depot in Tema. The newly-built facility, which is known as Matrix Terminals, comprises two gas tanks with a total storage capacity of 6,000 metric tonnes. The Terminal commenced operations in December 2021 and has been fully licensed as a Storage Depot by the National Petroleum Authority (NPA). During a working visit to the...
Read moreThe Chamber of Petroleum Consumers (COPEC) has hinted that prices of petrol and diesel are expected to go up this month. According to COPEC, prices of the products may go up by 3.7% and 2.5% respectively, in the 1st Pricing Window of January 2022. In nominal terms, COPEC insisted that ex-pump prices of petrol and diesel are expected to increase by 24 and 17 pesewas, respectively. Prices of fuel products have over the period surged due to the increment in...
Read moreThe Bulk Oil Storage and Transportation Company Limited (BOST) says it will in 2022 continue with the upgrade of its depots across the country. It will also repair the remaining defective tanks and increase the Tema Akosombo pipeline capacity from the current six inches to 12 inches to improve the efficient delivery of petroleum products across the country. There will also be the implementation of an effective Performance Management System. Mr. Edwin Provencal, BOST Managing Director, said this during the...
Read moreFuel 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...
Read moreThe 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...
Read moreThe 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...
Read moreGhanaian oil marketing giant, GOIL, has refuted suggestions that its latest 15 pesewas price reduction on petrol and diesel was in response to a directive from the government. GOIL has thus challenged the Association of Oil Marketing Companies to provide proof of its claims. GOIL’s reduction came barely 24 hours after commercial drivers embarked on a sit-down strike in protest against rising fuel cost. Officials of the Ghana Private Road Transport Union, GPRTU, who had met with government officials claim...
Read moreGovernment 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...
Read moreThe 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,...
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