Oil prices slipped on Friday as the market refocused on a persistent supply overhang that is not expected to abate unless OPEC and other producers cut their output significantly. International Brent crude futures LCOc1 traded at $45.13 per barrel at 0845 ET, down 70 cents from their last close. U. S. West Texas Intermediate (WTI) … Read more
Oil prices fell in early trading on Friday, as the market refocused on a persistent fuel supply overhang that is not expected to abate unless OPEC and other producers make a significant cut to their output. International Brent crude oil futures LCOc1 were trading at $45.74 per barrel at 0445 GMT, down 10 cents, or … Read more
The Chamber of Petroleum Consumers Ghana (COPEC-GH) has asked Oil Marketing Companies (OMCs) operating in the country to review their pump prices downwards in the interest of the public. According to COPEC-GH, a net reduction of between 3 and 8 percent by the OMCs would be deemed fair and reasonable considering the fact that “world … Read more
Government is in strategic negotiations with Chinese authorities to access the remainder of the US$3 billion loan for energy and gas infrastructure projects, Seth Terkper, Finance Minister has said. This loan will be repaid by leveraging revenue flows from lean gas from the country’s Jubilee oil field. The China Development Bank (CDB) disbursed US$1billion of … Read more
The head of Energy, Oil & Gas Unit of the Real Sector of the Ministry of Finance, Dr Joseph Asenso, has cautioned against basing budget allocations on projections for revenue inflows, from the oil and gas industry. Experience from other oil-rich countries over the years, he said, had shown that countries that conditioned their budgets … Read more
The Institute for Energy Security, an energy policy think tank, has described the recent increment in price of petroleum products by some Oil Marketing Companies as “unjustified” and lacking merit. The institute in its projections of how much petroleum products must cost at the pumps said there is no justification in the price increases as … Read more
The National Petroleum Authority (NPA) and the Chamber of Petroleum Consumers Ghana have clashed over reported fuel prices increases. In a statement it issued Monday, October 17, the Chamber of Petroleum Consumers Ghana said that prices had gone up between 8-11 percent effective October 16, 2016. However, the NPA in a sharp rebuttal described the … Read more
The National Petroleum Authority (NPA) has described an announcement by the Chamber of Petroleum Consumers (COPEC) of Ghana that fuel prices have gone up by 11 percent as false and misleading. In a statement it issued Monday, October 17, the COPEC said that price of diesel effective October 16, 2016 was reviewed upward between 8 … Read more
The denial by the National Petroleum Authority (NPA) concerning recent reports of fuel price increases smacks of “mischief”, the Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPECGH), Duncan Amoah, has stated. COPECGH had on Monday October 17 announced that fuel prices had gone up between three and 11 per cent in line with … Read more
Fuel prices across various outlets in the country have increased between three and 11 per cent, the Chamber of Petroleum Consumers Ghana (COPEC-GH) has indicated. This follows a review of fuel prices in the country in the second National Petroleum Authority (NPA) interim regulations for the second window in the month of October. Diesel prices … Read more
Russia is betting oil prices will stay low for a long time. President Vladimir Putin’s government has just set a draft budget for the next three years based on the assumption Russia will be able to sell its oil for $40 a barrel. That’s $10 below current world prices. Russia is the second biggest oil … Read more
The Chamber of Petroleum Consumers Ghana, has forecast a likely 7-13 percent fuel price adjustment beginning Sunday October 16. According to the Chamber, “the decision for cuts in OPEC production levels seem to have taken a toll on world price indexes as prices on the world market have surged by between 7-13% as of today. … Read more
Algiers (AFP) – Algerian Energy Minister Noureddine Boutarfa on Wednesday pressed demands for action on an oil supply glut and higher investment to stabilise the market as an informal OPEC meeting in Algiers began. “We must act on supply to re-stabilise the market” which has been hit by a massive surplus that has dragged prices … Read more
Algiers (AFP) – The Organization of Petroleum Exporting Countries (OPEC) has agreed to cut production by 750,000 barrels a day, Bloomberg News reported Wednesday, citing a delegation member. The surprise news triggered an immediate spike of more than 5 percent in crude prices, as markets had expected the Algiers meeting to end without agreement. In … Read more
Prices of fuel products are expected to remain steady in the second fuel pricing window which begins on Friday, September 16, the Principal Research Analyst at the Petroleum Unit of the Institute for Energy Security (IES), Richmond Rockson, has predicted. This the IES believes is due to “low national fuel inventory, minimal reduction in Platts … Read more
The Institute For Energy Security (IES) is warning of a possible shortage of Liquefied Petroleum Gas (LPG) this month. “Within the first pricing window, The Institute For Energy Security foresees another round of Liquefied Petroleum Gas shortage on the local market,” it predicted. This was contained in IES’ review of the second pricing window for … Read more
Following the rebound in the global oil market price of both crude and refined petroleum, decrease in new imports to boost national stocks, and the relative stability of the cedi against the U. S. dollar; the Institute for Energy Security (IES) said it can project an increase of between 18 and 20 Pesewas per litre … Read more
Drivers within the capital have expressed mixed reactions over the possible increase in transport fares following an increase in the prices of petroleum products last Friday. Some of the drivers, who have been speaking to Citi Business News, fear they may be making huge losses if transport fares are not equally adjusted to meet the … Read more
Consumers of fuel will be paying more on fuel beginning September 1, the Chamber of Petroleum Consumers Ghana (COPECGH) has predicted. The hikes in the pricing, the chamber explained come as figures emanating from the various Bulk Distribution Companies point to an imminent upward adjustment in pump prices. “Figures from the various Bulk Distribution Companies … Read more
The General Transport, Petroleum and Chemical Workers’ Union (GTPCWU) has warned that hundreds of its members are set to lose their jobs in the coming weeks due to the drop in world oil prices. According to the union, some 300 workers have already been laid off as others are expected to follow. Speaking to Citi … Read more