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Special Petroleum Tax reduced by 2%

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Parliament has passed the Special Petroleum Tax Amendment Bill to reduce the tax from 15 percent to 13 percent. The amendment follows recent protests on the rising cost of fuel, as well as calls from the minority for the Special Petroleum Tax to be scrapped. Speaking to Citi Business News, a Deputy Finance Minister, Kweku Kwarteng stated that making the ...

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Tullow Ghana appoints Kweku Awotwi as Managing Director

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Tullow Ghana has appointed Kweku Awotwi as the Managing Director of the company. A statement from the company copied to Citi Business News said Mr. Awotwi will take over from Charles Darku who will be retiring from the company in April after serving for five years. Charles Darku joined Tullow Ghana Limited in 2013 as the first Ghanaian to lead ...

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Scrap 15% Special Petroleum Tax–IES

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The Institute of Energy Security (IES) has called for the outright abolishment of the 15 percent Special Petroleum Tax. The call comes after the Chamber of Petroleum Consumers (COPEC) and the Industrial and Commercial Union (ICU) embarked on a demonstration over frequent hikes in petroleum prices. The Special Petroleum Tax is one component in the price buildup of fuel at ...

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Gov’t reaffirms reduced tariffs despite high proposals

Chairman of the Mines and Energy Committee of Parliament, Emmanuel Akwasi Gyamfi

Government is optimistic of a reduction in the cost of electricity for the rest of this year. The optimism comes despite proposals for an increase in utility tariffs by service providers. This also follows a stakeholders’ forum ahead of the announcement of new tariffs by the end of this month. The average 14 percent reduction in the cost of electricity ...

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Tullow records loss after tax of 189 million dollars

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Tullow Oil has posted a loss after tax of 189 million dollars for 2017. At least this is the second time in a row that the oil company has posted a loss after tax. For 2017, Tullow’s loss after tax amounted to 189 million dollars; this is an improvement of about 408 million dollars or 68 percent compared to the ...

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Gov’t must increase petroleum stock to absorb price shocks

Emmanuel Armah Kofi Buah, Former Petroleum Minister

Former Minister of Energy and Petroleum, Emmanuel Armah Kofi Buah has told Citi Business News that government needs to grow the country’s stock of reserve petroleum products, to help prevent the frequent increases in the price consumers pay at the pumps. He also reiterated his call for the scrapping of the Special Petroleum Tax, to bring some relief to Ghanaians. ...

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Confidence in Ghana’s oil industry attracting investors

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President Akufo Addo has expressed confidence in the growth of Ghana’s oil industry, following the agreement signed between Ghana and Exxon Mobil recently According to him, the ruling of the three-year-long maritime dispute case between the country and Ivory Coast has engendered a new hope in Ghana’s oil industry, attracting investors. “One obvious and immediate benefit following the resolve of ...

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ExxonMobil deal yet to reach Parliament for approval

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Citi Business News is learning that government is yet to submit the ExxonMobil deal to Parliament for ratification, three weeks after the resumption of the House. This is however expected to be carried out before the operators could commence exploration activities at the oilfields. The submission of the agreement to Parliament is in fulfillment of Article 268 subsection 1 of ...

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Scrap special petroleum tax – Wereko-Brobby urges govt

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A former CEO of the VRA, Dr. Charles Wereko Brobby has impressed on government to scrap the special petroleum tax in order to relieve consumers of the burden of escalating petroleum prices. He maintains that consumers will continue to bear the brunt despite attempts to review the mode of calculating the tax. Dr. Wereko Brobby’s comments follow the National Petroleum ...

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Consumers demand disclosure on petroleum price stabilization levy

FUEL-STATION

Pressure is mounting on government to come clear on the implementation of the price stabilization levy on petroleum products. Industry watchers argue that consumers risk being shortchanged, if the regulators fail to regulate the application of the levy. The comments come in the wake of marginal rise in the prices of petroleum products for the first two weeks (1st to ...

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