Tag: fuel prices
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Fuel prices to drop again in April pricing window – IES predicts
The Institute of Energy Security (IES), is predicting a further drop in the prices of fuel on the local market between 16 and 24 percent in the first pricing-window for the month of April 2020. This, the Institute attributes to the significant fall in the prices of Brent crude, gasoline and gasoil on the world…
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Anamua Sakyi writes: Analyzing the impact of low oil price on Ghana’s oil production growth
Oil as a lucrative commodity, has empowered many countries that produce it for export, in terms of improving the lives of the populace and increasing their political power among other nations (Abubakar et al. 2016; Akakpo, 2015). A 2007 report by the United Nations Conference on Trade and Development (UNCTAD), suggest that extractive activities (including…
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IES predicts 5 to 8% drop in fuel prices from today
The Institute of Energy Security (IES), has predicted about 5 to 8 percent drop in the prices of fuel at the pumps from Monday, March 16, 2020. It follows the drop in global crude oil prices as well as the relative stability of the cedi, which are two of the major determinants for the prices…
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OMCs to reduce fuel prices from Monday, March 16
The Association of Oil Marketing Companies (AOMCs), has indicated that its members will reduce their fuel prices at the pumps from Monday [March 16, 2020], to reflect market conditions. The CEO of the Association, Kwaku Agyeman Duah, however failed to mention the percentage of reduction consumers should expect. Following a drop in global crude oil…
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Petroleum product pricing and deregulation rules can’t be sidestepped – Hassan Tampuli
The National Petroleum Authority, NPA, says it is committed to ensuring that the rules of petroleum product pricing and deregulation are adhered to. Oil Marketing Companies and regulators have often been accused of dragging their feet when fuel prices ought to go down at the pumps after reduced crude prices on the international market, but…
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Fuel prices may go down by 15% – NPA Boss
The National Petroleum Authority (NPA) says per its calculation, fuel prices at the pumps may go down by 15% on March 15, which is the next pricing window. This follows the 30% drop in global crude prices and the relative stability of the cedi against major international currencies. Groups like the Chamber of Petroleum Consumers…
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IES charges NPA to encourage OMCs to reduce fuel prices
The Institute for Energy Security (IES), has called on government through the National Petroleum Authority (NPA), to bring pressure to bear on Oil Marketing Companies (OMCs), to reduce prices of fuel at the pumps to reflect the trend on the international market and the relative stability of the Cedi against the US Dollar. Even though…
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GOIL’s 0.2 percent fuel price reduction unacceptable – Alex Mould
Former Chief Executive of the National Petroleum Authority, Alex Mould has described as scandalous the recent fuel price reduction by Ghana Oil Company Ltd (GOIL) According to Mr. Mould, GOIL’s percentage price drop is insignificant as the price of oil on the international market has fallen drastically. “Oil prices down 7.5%, cedi appreciates from 5.7…
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Review fuel subsidy to benefit target group or scrap it – Fmr. Goil MD
A former Managing Director of Goil, Patrick Akorli, is pushing for the scrapping of subsidies on petroleum products. He argues that the impact of subsidies has not reached the targeted beneficiaries. Speaking at the launch of the Petroleum Product Marking Scheme by the National Petroleum Authority to trace quantities of petroleum products at all operational…
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Fuel prices up by 9 pesewas
There has been a nine pesewas increase in fuel prices at some fuel stations across the city. The rise in price took into consideration the two percent increment in prices of crude oil, coupled with the 0.95% and 1.01% marginal increment in the prices of Gasoil and Gasoline respectively on the International market. The Institute…