Category: Oil And Gas
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TUC alarmed by rising fuel prices; demands suspension of taxes on petroleum products
The Trades Union Congress (TUC) has expressed worry over the frequent rise in the prices of petroleum products. The Union says the situation is having a huge toll on the general welfare of the populace and the business community. In a statement, the Union maintained that the unstable fuel prices have led to increases in…
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Tullow completes pre-emption of Deep Water Tano component of Kosmos Energy
Tullow Oil plc says it has completed the pre-emption related to the sale of Occidental Petroleum’s interests in the Jubilee and TEN fields in Ghana to Kosmos Energy. The cash consideration paid on completion was US$118 million, reflecting closing adjustments, and was funded from cash on the balance sheet. This transaction takes Tullow’s equity interests…
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Lack of investment at oil fields limiting oil production – CEO of Tullow
The Chief Executive Officer of Tullow Oil PLC, Rahul Dhir, has lamented the lack of investments in the oil industry. According to him, this is limiting the production of oil at the Jubilee and TEN oil fields. In an interaction with the media, he stated that: “Because of a lot of focus on climate change…
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Diesel prices may soon cross GH¢10 per liter, petrol GH¢9 – COPEC predicts
The Chamber of Petroleum Consumers Ghana (COPEC) has predicted that diesel may sell at over GH¢10 per litre while petrol will cross GH¢9 from March 16, 2022. COPEC attributed its prediction on the rising cost of crude on the international market and the cedi which is currently depreciating among major trading currencies. In a statement,…
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Rising fuel prices affecting sale of high engine capacity cars – Automobile Dealers
The rising cost of fuel at the pumps is negatively affecting the sale of high engine capacity cars. This is according to the Automobile Dealers Union Ghana. After starting the year at around GH¢6.65 petrol and diesel per litre are now selling for GH¢8.29 at some of the major oil marketing companies. This represents an…
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LPG prices increase by 6%, LPG Marketers want taxes on product scrapped
The LPG Marketers Association of Ghana is calling on the government to scrap taxes imposed on the product in order to ease the pressure on consumers. According to the Vice-Chairman of the association, Gabriel Kumi, they will have no option but to pass on the extra cost to consumers anytime there is an increase. Prices…
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Gov’t must adopt measures to properly analyze cost of petroleum contracts to avoid losses – PIAC
The Public Interest and Accountability Committee (PIAC) is asking the government to adopt measures to thoroughly vet costs provided by international companies before petroleum contracts are signed. In a 10-year assessment report on the petroleum sector, the Committee says this needs to be tackled with all seriousness to prevent wastage of money in the sector.…
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Our members must fulfil tax obligations to remain in good standing –AOMC
The Association of Oil Marketing Companies says it expects its members to fulfil all their financial obligations to the government to remain in good standing. Chief Executive Officer of the Association, Kwaku Agyeman Duah, stated that such developments were unhealthy for the sector. “GRA has got a mandate to make sure that everybody pays tax.…
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Pump prices could hit GHS10/litre if Russia-Ukraine situation worsens- Dr Sulemana
Energy Consultant, Dr Yussif Sulemana says if the conflict between Russia and Ukraine escalates, Ghanaians must brace themselves to start buying fuel at about GHS10 per litre. The price of fuel on the global market reached an over 8-year record of $100 a barrel. Already, the previous increases to about $90 dollars had resulted in…
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Ghanaians urged to assume leading roles in energy sector to boost local content
Energy Minister, Dr. Matthew Opoku Prempeh has reiterated calls for Ghanaians to assume leading roles in the various sub-sectors under the country’s energy sector. According to him, the practice of expatriates being awarded huge contracts due to the lack of skills and technical know-how among Ghanaians must be addressed. To achieve this, he believes more…