Tag: NPA
-
More OMCs threaten layoffs over illegal trade
More workers are set to be laid off in the petroleum downstream sector as the illegal sale of petroleum products continue unabated. Already, the CEO of the Association of Oil Marketing Companies, Kwaku Agyeman-Duah has warned of some 4000 job losses in the next few months due to the development. The Association contends that profits…
-
OMCs to sack 4000 workers over illegal trade
About 4,000 workers in the petroleum sector are likely to lose their jobs within the next few months if government fails to stop the illegal sale of petroleum products in the country. This is the caution from the Association of Oil Marketing Companies (AOMCs). The Association explains that the illegal trade which has been perpetrated…
-
Illegal fuel importers cost GH¢850m loss annually – NPA
The National Petroleum Authority (NPA) has disclosed that Ghana loses about 850 million cedis annually in taxes, due to the increased activities of fuel smugglers into and out of the country. The illegal act is said to involve operators who ply their business at the ports by fuelling tanks with fuel products brought into the…
-
Petroleum consumers dissatisfied with NPP’s 100 days’ work
The Chamber of Petroleum Consumers (COPEC) has expressed dissatisfaction at the achievements of the Nana Akufo Addo led government, grading it below average in its first 100 days in office. Citing key issues such as the high sulphur content in fuel, as well as the unsteady fuel prices, COPEC believes government has not done much…
-
Ghana loses GH¢490 m to illegal imports – BDCs
The Chamber of Bulk Oil Distributors (CBOD) has made a strong case for the government to clamp down on all importers of illegal products into the market if it is to provide fair competition in the industry. The Chamber argues that the perpetuation of the act led to a revenue loss of about 490 million…
-
OMCs reduce prices to reflect tax cuts
Citi Business News’ checks at fuel stations have revealed that major Oil Marketing Companies (OMCs) have reduced the prices of their products for the second consecutive time this month; March. The reduction is in line with the recent tax cuts announced by the government in the 2017 budget. The OMCs earlier in the second pricing…
-
OMCs yet to reduce prices as Goil’s prices drop by 1%
It appears most of the Oil Marketing Companies (OMCs) have not reduced the prices of their petroleum products for the first pricing window in March. This is contrary to predictions that fuel prices will be reduced for the period. The Institute for Energy Security (IES), early this week, indicated that prices for petroleum products are…
-
No new CEO appointed yet – Gov’t replies GOIL
Government has dismissed reports that it has appointed a new CEO for Ghana Oil Company Limited (GOIL). The company had issued a statement reacting to reports that President Akufo Addo has appointed a new CEO for the company. GOIL rejected the reports explaining that the appointment could not have been done without recourse to laid…
-
OMCs demand ease of registering businesses
Some Oil Marketing Companies (OMCs) are advocating for all processes in registering their businesses to be streamlined. The petroleum distribution companies believe the current practice delays the process which makes it unattractive for the business to expand and promote competition. Though the Managing Director of Petroleum Limited, Emmanuel Pobee admits of some initial constraints in…
-
Petrol, diesel prices to go up by 3 percent next week
The Institute of Energy Security (IES) has predicted a 3 percent increase in fuel prices next week. According to the Institute, due to current developments around the world, it is likely prices for the next pricing window will go up. “If you look at the crude oil price at the world market, the cedi dollar…