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Oil And Gas

Industry intensifies pressure to get 15% petroleum tax scrapped

Fuel pump nozzles are pictured at Helios petrol station in Almaty

Analysts have intensified appeals for government to scrap the Special Petroleum Tax on petroleum products. They argue this will give more meaning to attempts to reduce the plight of consumers following rising global oil prices. The comments follow a recent NPA announcement of a seventy percent reduction in the price recovery and stabilization levy calculated on petroleum prices. The price ...

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Fuel prices remain unchanged at pumps

FUEL-STATION

The prices of petroleum products will remain unchanged at the pumps at least for the first two weeks in December, despite a reduction in the price stabilization and recovery levy. As a result, the Chamber of Petroleum Consumers (COPEC) is urging consumers to disregard reports of reduction in fuel prices due to the development. The NPA has directed all Oil ...

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NPA revises petroleum prices downward through Price Stabilization levy

Hassan Tampuli - CEO, NPA

The National Petroleum Authority (NPA) has directed all Oil Marketing Companies, and LPG Marketing Companies to use revised prices in the Price Stabilization and Recovery Levy Act to control recent price increases in petroleum products. This follows a directive from the Ministry of Energy, raising concerns over recent fluctuations in the prices of petroleum products due to strong political and ...

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Fuel prices to be stable in early December

fuel

Consumers will not experience any significant price change at the pumps in the first pricing window of December. This is according to the Institute of Energy Securities (IES) which has predicted that prices will remain fairly stable in the next pricing window. Principal Research Analyst at the IES Richmond Rockson who spoke to Citi Business News said despite the fast ...

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Private firms barred from lifting BOST’s contaminated fuel – Agyarko

Boakye Agyarko

Energy Minister, Boakye Agyarko, has told Parliament that no individual is now allowed to lift contaminated oil from Ghana’s Bulk Oil Storage and Transportation Company (BOST). This, he said, is part of interim measures to prevent the supply of contaminated fuel onto the Market following the BOST scandal where some 5 million liters of the contaminated fuel, was wrongly sold to ...

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Jubilee field to shut down twice in 2018

Boakye-Agyarko

Energy Minister, Boakye Agyarko has announced that the FPSO Kwame Nkrumah will shut down twice in 2018 to allow for some repair works on the vessel. The temporary shutdown is scheduled for January and March 2018. The repair works will be carried out on the turret bearing of the oil and gas production vessel. The Minister made the disclosure when ...

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Ghana to save $ 7.2bn from 11 terminated power deals

Boakye Agyarko, Minister for Energy

Ghana is expected to save $7.217 billion from the termination of 11 Power Purchase Agreements (PPA) over a 13 year period, the Energy Minister, Boakye Agyarko has said. These terminations, following a recent review, will come at cost of $402.39 million, Mr. Agyarko told Parliament on Friday. As indicated by the government earlier in 2017, it was reviewing PPAs initiated by the Electricity ...

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IES predicts 3% increase in fuel prices

petrol_pump_wikimedia_commons

Consumers will be expected to pay more at the pumps in the second pricing window of this month. The Institute of Energy Securities (IES) is predicting a three to six percent increase in fuel prices. Principal Research Analyst at the IES, Richmond Rockson who spoke to Citi Business News attributed the development to the marginal depreciation of the cedi, as ...

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Ghana supplies Burkina Faso with 100MW electricity

Professor Dissa presenting an undisclosed package to Agyarko as a sign of stronger bond between the two countries.

Government has agreed to supply 100 megawatts of power to Burkina Faso after the country demanded for electricity from Ghana. Ghana has over the years supplied and received power from some West African countries, including Ivory Coast. Speaking at press conference in Accra, the Minister for Energy, Boakye Agyarko explained that the move is aimed at making use of Ghana’s ...

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2018 Budget: Economists warn against ambitious oil revenue projection

Ken Ofori Atta - Finance Minister

As the Finance Minister Ken Ofori Atta prepares to present the 2018 budget statement before parliament tomorrow, some financial observers have caution against ambitious oil revenue projection. According to them, previous experiences must serve as a guide to government as Ghana has no control over the price of oil. In the 2017 mid-year budget review presented by the Finance Minister ...

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Citi Business News