Manage foreign exchange rate to prevent increase in fuel prices – Senyo Hosi

Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors (CBOD), Senyo Hosi, has lamented the country’s high cost of fuel prices. According to him, the government must manage the foreign exchange rate to mitigate the high cost of fuel prices. “One of the most potent and immediate things that government can do is to manage the forex rate. Either we have a central bank that is unwilling or a government that is not focused on the solution. We...

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NPA reduces contaminated fuels from 32% to 2.5% – NPA boss

The Chief Executive of the National Petroleum Authority (NPA), Dr. Mustapha Abdul-Hamid has indicated that petroleum service providers that indulge in fuel adulteration deprive consumers of value for money at the retail outlets and also cause damage to engines of vehicles and machinery. According to him, fuel adulteration increases the emission of harmful compounds such as Carbon dioxide, volatile organic compounds that affect air quality and the environment. Dr. Abdul-Hamid was addressing stakeholders at this year's Consumer Week Celebration which...

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NPA Boss Engages Stakeholders in Koforidua

The Chief Executive Officer of the National Petroleum Authority (NPA), Dr Mustapha Abdul-Hamid has engaged stakeholders in the Eastern Region to familiarize themselves with the operation of the organization. The visit was to among others know the people and “understand their sentiments to be able to craft and execute a vision that resonates with the people within the organization.” This is the first of his visit to the eastern region as the Chief Executive officer of NPA During his interaction...

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Price Stabilisation Levies on fuel starts on November 1

The National Petroleum Authority (NPA) has announced that some fuel pricing reliefs granted by government to cushion Ghanaians over the next two months as a result of the escalating prices of oil on the international market takes off on November 1. It said the Ministry of Finance, by a letter dated 21st October, this year, instructed the National Petroleum Authority (NPA) to implement the directives at the next pricing window which commences on 1st November, 2021. According to a statement...

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CBOD calls on government to fix deplorable road network in petroleum management and storage area in Tema

The Ghana Chamber of Bulk Oil Distributed (CBOD) is calling on government to urgently rehabilitate and properly maintain the road network in and around the petroleum storage management industrial area in Tema. The main road to the area is a 7.2 kilometre single carriageway, which is meant to facilitate service delivery by industry giants like the Tema Oil Refinery (TOR), West Africa Gas Pipeline, and Quantum Terminals. But it is in such bad shape that CBOD is warning that if...

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Fuel increments introduce significant cost burden on the average Ghanaian – ACEP

The Africa Centre for Energy Policy (ACEP) Wednesday said the prices of a litre of petroleum products have increased by about 33 per cent this year. The Centre said these increments introduced significant cost burden on the productive sector and the average Ghanaian. Mr Benjamin Boakye, the Executive Director of ACEP, said addressing that would require pragmatic interventions from the Government, which goes beyond the Price Stabilisation Recovery Levy (PSRL). Prices of petrol and diesel have increased in the second...

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Fuel price hikes will continue – IES

The Institute for Energy Security (IES) is worried government may not have an immediate solution to the consistently rising fuel prices at the pump. The prices have been on a steady rise since April 2021 leading to complaints about hardships from Ghanaians. Currently, a litre of petrol and diesel is selling at GH¢6.80 at the various filling stations.  The opposition National Democratic Congress (NDC) has accused the government of insensitivity as a result. The government subsequently promised the removal of...

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Nothing will change about fuel prices – CEO of Bulk Oil Distributors

The Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors, Senyo Hosi, has indicated that there is no prospect for reduction in fuel prices in the country. Speaking on JoyNews’ Newsfile on Saturday, October 16, 2021, he argued that, since Ghana is not a lead exporter of crude oil on the international market, little can be done in terms of determining prices on the international market as well as regulating fuel prices in the country. “Ghana is a...

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CBOD commends Energy Ministry and NPA response to petition on implementation of local content and Ghanaian participation policy

The Ghana Chamber of Bulk Oil Distributors (CBOD) has commended the Ministry of Energy, and the National Petroleum Authority (NPA) on steps taken to address the chambers’ concerns over the delayed implementation of the government’s policy on local content and Ghanaian participation in the downstream petroleum sector. CBOD petitioned the NPA earlier in October requesting the expeditious implementation of the policy and the Chamber says it is happy with the response so far. In a press statement, the Chief Executive...

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IES projects fuel price increase in second pricing window of October

The Institute for Energy Security (IES) has projected the prices of fuel at the local pumps to go up in the second pricing window of October. This is because of the 6.89 percent increase in the price of the International Benchmark- Brent crude, the 6.54 percent increase in price of Gasoline, the 3.49 percent increase in Gasoil price, and the 0.49 percent depreciation of the local currency against the US Dollar “The Institute for Energy Security (IES) projects for fuel...

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