Category: Oil And Gas
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Doubling LPG consumption by 2030 can’t be achieved with new taxes – LPG Marketers
With just a few a days to the implementation of the new taxes announced in the 2021 budget, the LPG Marketing Companies Association of Ghana says the country’s goal of doubling consumption level of LPG by 2030, is now dead. According to the Ghana Revenue Authority (GRA), the new taxes which will take effect from…
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Cap taxes on fuel to prevent introduction of new levies – COPEC to Parliament
The Chamber of Petroleum Consumers (COPEC), is calling on Parliament to pass a legislation that will ensure that the quantum of taxes placed on petroleum products doesn’t exceed a certain threshold. The comments follow notice of the implementation of the new tax policies introduced in the 2021 budget statement from 1st May, which according to…
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New taxes will push a litre of petrol/diesel to GHS6 soon – COPEC
The implementation of some of the new tax policies introduced in the 2021 budget statement from 1st May is likely to contribute to fuel prices rising to GHS6 per litre in the near future. That’s according to the Chamber of Petroleum Consumers (COPEC). Of the new taxes that will be implemented from the beginning of…
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New Board takes office to steer affairs of the Ghana Chamber of Bulk Oil Distributors
A new 11-member board has been sworn into office to steer the affairs of the Ghana Chamber of Bulk Oil Distributors (CBOD) for the next three years. The new eleven-member executive board has vast experience in finance, taxation, engineering, corporate governance, accounting, management, marketing and oil and gas. Mrs. Ivy Apea Owusu, CEO of Cirrus…
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Fuel monitoring system will help check smuggling – Oil Marketing Companies
The Association of Oil Marketing Companies says the introduction of the National Retail Outlet Fuel Monitoring System is a game-changer in sanitizing the sector. According to the association, this will help rid the system of non-compliant businesses. In an interview with Citi Business News, President of the Association of Oil Marketing Companies, Henry Akwaboah, commended…
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Fuel monitoring system laudable but not enough to end smuggling – Senyo Hosi
The Chamber of Bulk Oil Distributors, CBOD, has commended the government for launching the National Retail Outlet Fuel Monitoring System. The system is aimed at helping government reduce revenue losses within the petroleum downstream sector. CBOD had in a recent report stated that GH₵1.9 billion was lost through petroleum tax evasion in 2019. Speaking to…
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Monitoring system good but prosecute fuel smugglers – COPEC to government
The Chamber of Petroleum Consumers (COPEC) says beyond the introduction of the monitoring system by the government, prosecution of perpetrators is key to addressing the country’s fuel smuggling challenge. Ghana currently loses billions of Ghana cedis to such illegal activities and in response to this, the National Petroleum Authority (NPA), launched a National Fuel Monitoring…
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LPG marketers urge government to reconsider increase in gas prices
The Liquefied Petroleum Gas (LPG), Marketers Companies Association of Ghana is asking the government to reconsider the announced 18-pesewa upward adjustment on a kilogram of LPG. According to the association, the tax will further worsen the plight of consumers and subsequently lead to a reduction in the use of the product. The association further indicated…
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Don’t engage quack engineers – Engineering Council warns public
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The Engineering Council has admonished the public to refrain from engaging the services of engineering professionals not registered under the Council. The public is to inspect registration certificates issued by the Engineering Council from engineers, be it, Civil Engineers, Auto Mechanic Engineers, Electoral Engineers, etc. The 9 member council established under Act 819, LI 2410…
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NPA launches fuel monitoring system to seal revenue leakages
As part of efforts aimed at eliminating illicit activities associated with the transportation and effective distribution of petroleum products across the country, government has introduced the National Retail Outlet Fuel Monitoring System. The system will also help reduce revenue losses within the petroleum downstream sector. Already, data from the National Petroleum Authority, NPA, show that…