Consumers of petroleum products will have to stomach the burden of paying the Tema Oil Refinery (TOR) Debt Recovery Levy for at least another 10 years as debt owed by the country’s sole oil refinery reaches its peak, Kwame Awuah-Darko, Managing Director of TOR has said. The notice of the TOR boss, which is expected … Read more
Passengers may be spared the impact of petroleum price hikes as the Ghana Private Road Transport Union, GPRTU, has ruled out any increase in transport fares. Prices of petroleum products were increased over the weekend following an increase in global oil prices in the first pricing window in September. A litre of petrol is now … Read more
The Ghana Revenue Authority (GRA) has issued new guidelines aimed at checking the rising incidence of fuel smuggling into Ghana. The new guidelines which took effect last week Thursday, September 1, is intended to end the abuse of the export and re-exports regimes of the industry. According to the GRA, any deviations from the new … 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
Finance Minister Seth Terkper has expressed hope that a milestone agreement reached with creditors over VRA’s debts will be enough to ease holdup in discussions with the International Monetary Fund (IMF) over the ongoing bailout programme. The Minister, on Wednesday, told the press at a meeting also attended by bigshots of the banks the VRA … Read more
Finance Minister, Seth Terkper has disclosed that the Energy Sector Levy Account has accrued 350 million cedis as at August 2016. Only residential users should pay energy levies – Former AGI president He made the disclosure when he addressed the media on Wednesday, August 31st, 2016, on measures taken to address the legacy debts in … Read more
Plans to cut airline CO2 using greener jet fuels made from waste wood have been dismissed as a “pipe dream” by environmentalists. Several high octane, waste-based biofuels are being tested by airlines as a way of curbing CO2. UN officials are set to endorse these fuels as a key part of global plans to stabilise … Read more
The unauthorized trade of wayside fuel dealers in the Ashanti Regional capital, Kumasi, is posing a threat to life and property. Under the National Petroleum authority Act, Act 691 of 2005, it is illegal to sell petroleum products without a license, but wayside fuel dealers in the Region are enjoying a high patronage from both … Read more
The National Democratic Congress (NDC) believes it is the only political party living up to the legacy of Ghana’s first President, Dr. Kwame Nkrumah. According to the NDC flagbearer, President John Mahama, his party is undertaking developmental projects with foresight comparable to the visionary Dr. Kwame Nkrumah. “Nkrumah was not ruling for that time. He … Read more
A former President of the Association of Ghana Industries [AGI], Tony Oteng Gyasi, is impressing on government to limit the imposition of the energy sector levies to residential users of petroleum products only. According to him, the imposition of the taxes on all categories of petroleum users (both industrial and domestic), is to the disadvantage … Read more
Prices of petroleum products are likely to go up by three per cent at the pump from today June 1, the Chamber of Petroleum Consumers Ghana (CPCG) has projected. Executive Secretary of the Chamber of Petroleum Consumers Ghana, Duncan Amoah, noted that the marginal increment followed the rise in the price of crude oil on … Read more
Transport fares in Ghana have been increased by 15%, effective February 1, 2016, stakeholders in the transport sector have announced. The acting General Secretary of the Ghana Road Transport Coordinating Council (GRTCC), Andrews Kwesi Kwakye said the Unions were moderate in fixing the new fares. The increment, he said, is as a result of the … Read more
National Democratic Congress (NDC) Member of Parliament (MP) for Ketu North and Chairman of the Finance Committee, James Klutse Avedzi, has told Ghanaians to stop complaining about hikes in fuel prices if they want to see development. According to him, there is an alternative to consider if prices of petroleum products are too high. He … Read more
The 125-megawatts power barge is expected to consume about 30,000 metric tonnes of Heavy Fuel Oil (HFO) every month at a cost of between $7 million and $9 million, depending on current crude oil price movements. If the power barge was using crude oil, the 30,000 metric tonnes would cost between $11 million and $12 … Read more
Commercial drivers in Accra continue to charge old fares in spite of a directive by two transport entities to drivers to reduce fares. According to some drivers, the 10 per cent fuel reduction is negligible hence their decision to maintain the old fares. Other drivers also claim that they are yet to receive official communication … Read more
The International Monetary Fund (IMF) says its country mission for Ghana will return next month for further consultations with Ghanaian officials over the West African country’s request for a bailout. It said the two sides had concluded successfully the second round of talks held on the tail of the Annual Meetings of the World Bank … Read more
Confirmed reports coming in from TV3 indicate that most filling stations in the Accra metropolis have run out of petroleum products. According to the report, a visit to some filling stations Monday evening by the reporters revealed that while some of the stations have halted services to the motoring public, others are contending with long … Read more
The government has denied claims that the supply of some petroleum products could be affected this week. Deputy Energy and Petroleum Minister, Benjamin Dagadu explained to Joy News that the challenge has been with the distribution pattern of the commodity and not necessarily the government’s supposed indebtedness to the distributors. He said “As at Friday, … Read more