Tag: NPA
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Low funding keeps sulphur in diesel products from TOR high
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…
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Consumers demand disclosure on petroleum price stabilization levy
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…
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Fuel prices to rise by 2% in February – IES
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…
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NPA to recall all cylinders under recirculation model
The National Petroleum Authority (NPA) has told Citi Business News it would recall all cylinders currently in use with the full implementation of the cylinder recirculation model. The CEO of the NPA, Hassan Tampuli explains that the plan is to regulate the program and improve standards. “There is a stage in the implementation regime; the…
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Energy Ministry rejects calls to scrap special petroleum tax
The Ministry of Energy has rejected calls by the Chamber of Petroleum Consumers Council, to scrap the special petroleum tax on petroleum products. According to the Head of Communications at the Energy Ministry, Nana Damoah, scrapping the special petroleum tax will be detrimental to governments’ ability to raise revenue to tackle the energy sector debts. The…
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Consumers seek NPA intervention as fuel prices rise
Citi Business News has gathered that prices of fuel have gone up at some pumps effective Tuesday, January 16, 2017. This follows an earlier prediction by the Institute of Energy Security (IES) that prices will go up by between 3 and 5 percent. According to the IES, the development can be attributed to the increase…
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Analysts urge private sector involvement in TOR
Analysts in the oil and gas sector are upbeat about government’s plans to revamp operations of the Tema Oil Refinery (TOR). Though they have largely lauded the move, the industry watchers have suggested the need to attract private sector participation in order to achieve the full objectives. The comments also follow recent fuel shortage and…
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Cylinder recirculation: LPG Marketers to lay off workers if sidelined
About seven thousand (7000) members of the LPG Marketing Companies Association are expected to lose their jobs if government fails to integrate the association into the cylinder recirculation policy. The LPG Marketing Companies Association has been calling for an automatic migration onto the new policy. The Vice-Chairman of the LPG Marketers Association, Gabriel Kumi disclosed that the layoffs will be the…
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Fuel prices remain unchanged at pumps
The prices of petroleum products will remain unchanged at the pumps at least for the first two weeks in December, despite a reduction in the price stabilization and recovery levy. As a result, the Chamber of Petroleum Consumers (COPEC) is urging consumers to disregard reports of reduction in fuel prices due to the development. The…
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Appeal court dismisses IFC’s case against Quantum
The court of appeal has dismissed a stay of proceedings application by International Finance Corporation (IFC) which sought to put on hold an ongoing case with Quantum Oil Terminals Limited at the High Court over a breach of a contract. According to the ruling of the court, it found no reason to stay proceedings at…