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Tag Archives: NPA

Fuel prices to reach GH¢4.99 cedis per litre

FUEL-STATION

Consumers should be paying an additional 15 pesewas per litre on fuel they purchase at major fuel pumps from today till the end of this month [July]. This will be the case barring any last minute intervention by the National Petroleum Authority (NPA) to cushion consumers from high prices. The institute of Energy Security (IES) has predicted that fuel prices ...

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Fuel prices to drop again this week

FUEL-STATION

The prices of petroleum products are expected to drop by about 2 percent this week. This is the indication from Citi Business News’ checks with players within the petroleum industry following developments on the global market. This will also be the second time in less than a week that fuel prices have been reduced this month (June). Petrol prices to ...

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Major OMCs reduce fuel prices

FUEL-STATION

Some major Oil Marketing Companies (OMCs) have reduced their prices by 4 pesewas within the first pricing window of June. The reduction comes after a 3 percent increase in prices of fuel in early part of June. Earlier, checks by Citi Business News showed that a litre each of diesel and petrol were selling for 4 cedis 89 pesewas. But ...

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Ghana lost GH¢1.9bn to illegal fuel trade in 2017 – Report

fuel tanker

The Chamber of Bulk Oil Distributors is blaming the persistent issues of illegal fuel trade on what it says is the weak commitment of security agencies in addressing the issue. A latest industry report by the Chamber said the illegal fuel trade cost the country some 1.9 billion cedis in 2017. The report cited three main factors as accounting for ...

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Gov’t officials complicit in illegal trade of petroleum products – Report

Senyo Hosi new

Government officials are reportedly complicit in the illegal trade of some petroleum products including premix. A 2017 report on the state of the petroleum sector put together by the Chamber of Bulk Oil Distribution (CBOD) said some government officials were complicit in the illegal trade of petroleum products. According to the report, the government has, over the years, also failed ...

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Fuel smuggling: Ghana loses $200m in 2 years

Fuel pump nozzles are pictured at Helios petrol station in Almaty

Ghana lost 200 million dollars in both 2016 and 2017 as a result ofthe smuggling of fuel into the country, the National Petroleum Authority has revealed. According to the head of research at the authority, Shiela Abiemo, up to 300,000 metric tonnes of fuel used in the country are not recorded and no taxes paid on them. The illegal activity ...

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Fuel prices go up by 2% in May – IES

Fuel pump nozzles are pictured at Helios petrol station in Almaty

The Institute of Energy Security (IES) has predicted an increase in fuel prices for the first two weeks of May. The Institute tells Citi Business News prices will go up by about 2 percent barring an intervention from the National Petroleum Authority (NPA). “In the first pricing window for May 2018, we are expecting fuel prices to go up by up to 2%. ...

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Low funding keeps sulphur in diesel products from TOR high

Isaac Osei - MD, Tema Oil Refinery

It is emerging that the Tema Oil Refinery (TOR) will need some 300 million dollars before it could refine products to the current specified sulphur content for diesel of 50 parts per million. The development also puts consumers at risk as there are fears the products may have been in circulation at the various retail outlets. The revelation comes seven ...

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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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Fuel prices to rise by 2% in February – IES                                                                             

FUEL-STATION

Prices of fuel may go up by 2 percent in the first pricing window in February, between February 2, 2018 and February 15, 2018. However, a swift intervention from government through the National Petroleum Authority (NPA)’s price stabilization mechanism could keep prices stable. The Institute of Energy Security (IES) which revealed this, further attributes the development to the constant rise ...

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Citi Business News