Fuel prices to go up in January by 18pesewas – IES

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...

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GOIL to lose GH¢9M monthly over fuel price reduction, it’s not sustainable – COPEC

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...

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GOIL withdraws from Association of OMCs over accusations of government interference in fuel price review

The GOIL Company Limited (GOIL) has with immediate effect withdrawn its membership from the Association of Oil Marketing Companies (AOMCs).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...

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‘We weren’t directed by government to reduce our fuel prices by 15p’ – GOIL

Ghanaian 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...

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Government directs GOIL to reduce price of fuel after meeting with transport unions

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...

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Commercial drivers embark on indefinite strike

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,...

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Fuel prices to hit GH¢7 per litre by end of 2021 – IES

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...

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Fuel Smuggling Denies Government Revenue – NPA Boss

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...

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CBOD members visit new Takoradi oil jetty

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...

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Jomoro MCE tasks Petroleum Hub Development Board to be proactive

The Municipal Chief Executive (MCE) for Jomoro, Madam Louisa Iris Arde, has tasked the Board of Governors of the Petroleum Development Hub Corporation (PDHC) to be proactive in their activities. She said the Petroleum Hub was a crucial component of the nation's industrialization drive, with the potential to generate jobs for the teeming youth in the Nzema enclave, in particular, and the country as a whole. She, therefore, charged the chairman of the PHDC Board and Omanhene of Western Nzema...

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