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The Ghana National Gas Company (GNGC) on Friday signed a Project Implementation Agreement with its joint venture partners to construct a second Gas Processing Plant (GPP Train 2) at an estimated cost of US$700 million. The gas plant would be sited at Atuabo in the Ellembele District of the Western Region and is expected to be completed within 24 months. It would generate 1,500 direct and indirect jobs within the Atuabo power enclave. At the signing ceremony in Accra, Dr...
Read moreThe deputy Energy Minister, Andrew Egyapa Mercer, has confirmed that the initial consignment of 40,000 tons of oil brought into the country under the Gold-for-oil policy was purchased with cash and not gold as widely claimed by the Vice President, Dr Mahamudu Bawumia. His disclosure comes after several calls by Industry experts such as the Institute of Energy Securities and COPEC for the government to disclose the quantity of gold it exchanged for the 40,000 metric tons of fuel as...
Read moreThe international market prices of refined petroleum products in the 12th to 26th January 2023 international pricing window, which are premiums applicable to the selling window of 1st to 15th February 2023, increased significantly relative to the previous selling window. Thus, Petrol, Diesel, and LPG prices in the world market climbed up by 7.70%, 13.74%, and 10.03% respectively relative to the previous pricing window. The international market prices of refined products began to surge in 2023 due to the expected...
Read moreAn alliance of African think tanks active in the areas of governance, anti-corruption and energy policy has called for transparency and accountability for projects in the energy sector. The Think Tanks made up of Africa Centre for Energy Policy (ACEP), IMANI Center for Policy & Education, HEDA Resource Centre, Tax Justice Network Africa and SEATINI also want an immediate termination of crony contracts that deepens the energy poverty of citizens. The Think Tanks are of the view that “poorly planned,...
Read moreThe government has announced that the Cylinder Recirculation Policy is set to kick off in parts of the country by the end of the year. This comes years after the policy was introduced as a stop-gap measure following the atomic junction gas explosion saga in 2017. Speaking at the Ghana International Petroleum Conference, Chief Executive Officer of the National Petroleum Authority (NPA) Dr Mustapha Abdul-Hamid stated that the “government is determined to make the cylinder recirculation model policy a reality....
Read moreThe Institute for Energy Security, IES, has reiterated the need for government to do all it can to ensure the Tema Oil Refinery is revived, in the wake of hikes in prices of fuel at pump stations. The call by the Institute comes on the back of a recent announcement by President Akufo-Addo that steps are being taken to secure reliable and regular sources of affordable petroleum products as part of efforts to bring reprieve to consumers of the product....
Read moreFuel price has hit an all-time high at the pumps with Petrol selling at GHS17.99 per liter and diesel retailing at GHS 23.49 a litre. This comes barely three days after members of the Ghana Road Transport Union announced an increment in transport fares by 19 per cent due to the rampant increase in fuel prices. Fuel sold in January 2022 for GHS6.5 but the challenge mainly with the depreciation of the cedi has seen prices at the pumps today...
Read moreThe former Chief Executive of the Ghana Chamber of Bulk Oil Distributors, Senyo Hosi, has urged government to be modest about its promise to get affordable petroleum products to the Ghanaian market. His comments come on the back of information that a government of Ghana delegation is currently in Abu Dhabi negotiating a deal to bring in the products. President Akufo-Addo in his latest address to the nation on the state of the economy revealed that his government is working...
Read moreThe Chamber of Bulk Oil Distributors (CBOD) says government can issue fuel coupons to consumers as a way of reducing the impact of the rising cost of the product on their livelihoods. In an interview aired on Joy FM’s Midday News, the CEO of CBOD, Dr. Patrick Ofori said, this could be done in collaboration with transport operators and some Oil Marketing Companies. “I think government maybe can issue something like fuel coupons like it is done in some countries, like...
Read moreThe government has suspended the subsidy on Residual Fuel Oil (RFO) until further notice, effective November 1, 2022. The move, according to the National Petroleum Authority (NPA), is in line with the directive from the Ministry of Energy as an interim measure to ease the financial burden on the Price Stabilisation and Recovery Account (PSRA). “The Policy directive takes into consideration the growing concern about the sustainability of the Account to meet under-recovery payment obligations for Premix Fuel...
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