Tag: Oil Marketing Companies
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GRA charged to retrieve GH¢226.9 million in unpaid taxes from 28 OMCs
A 2020 report of the Auditor-General has revealed that 28 Oil Marketing Companies in the country owe the Customs Division of the Ghana Revenue Authority an amount of GH¢ 226.9 million. According to the audit report, the 28 OMCs from July 2018 to December 2019, lifted various petroleum products without paying the required duties and…
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Don’t allow OMCs who evade tax to distribute petroleum products – Bawumia to NPA
Vice President, Dr. Mahamudu Bawumia has charged the National Petroleum Authority, NPA, to halt third party distribution of petroleum products to Oil Marketing Companies (OMCs) who evade taxes. The instruction comes on the back of data from the National Petroleum Authority (NPA), which indicates that between 2015 and 2019, government lost over four billion Ghana…
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Fuel prices to go up slightly in 1st pricing window for Sept. – IES
Consumers of petroleum products are likely to pay a little bit more for the fuel they purchase at the various pumps for the next 2 weeks which is the first pricing window of September. That’s according to Energy think tank, the Institute of Energy Security. With the demand for fuel now going up as the…
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OMCs’ justification for insignificant drop in fuel prices unfair to consumers – COPEC
The Chamber of Petroleum Consumers, COPEC, has reiterated the need for further reduction in fuel prices at the pumps. The comments follow the Chamber of Bulk Oil Distributors’ appeal to petroleum consumers to be circumspect in their demand for decreases in fuel prices at the pumps. Brent crude, which was selling for about 66 dollars…
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Shortfall in projected petroleum revenue likely due to drop in oil prices -IES
The Institute of Energy Security (IES), is predicting a shortfall in goverrnment’s revenue from oil exports this year by half due to the continuous drop in global oil prices. The Executive Director of IES, Paa Kwesi Anamuah Sakyi, told Citi Business News although Ghana exports oil from its three production fields, the volumes are relatively…
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OMCs reject calls for reduction in fuel cost to reflect global crude prices
The Association of Oil Marketing Companies is urging restraint among some industry watchers and analysts who are demanding a reduction in prices to reflect the downward trends in global crude oil prices and the relative stability of the cedi. According to the CEO of the Association, Kwaku Agyeman Duah, the reduction can only be felt…
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GOIL reduces fuel prices
A release issued by indigenous petroleum company, Goil, says a litre of its newly introduced SuperXP RON 95 is now 5.40 Cedis while Diesel will now sell at 5.41 Cedis. “The revision in prices is as a result of reductions in international prices of finished products and the appreciation of the Cedi against major currencies…
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Oil Marketing Companies pay about GH¢6 billion as taxes to government annually
The Association of Oil Marketing Companies (AOMCs) pay about GH¢ 6 billion annually to government as tax, Mr Kwaku Agyeman-Dua, Industry Coordinator of the Association has announced. He said in 2019, they paid GH¢500 million as monthly tax to government, raking in a total of GH¢3 billion in the first two quarters of the year.…
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OMCs dispute Auditor-General’s tax evasion claims
Some Oil Marketing Companies cited in the Auditor General’s 2018 report for nonpayment of taxes have disputed the claim that they owe the state. Ten Oil Marketing companies were cited in the report. They include Ghana Oil Company (GOIL), Star Oil Company Limited and Radiance Petroleum Limited, Tell Energy, Glee Oil, Hills Oil, So Energy,…
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COPEC pleased with compensation package for cheated fuel consumers
The Chamber of Petroleum Consumers (COPEC) has expressed satisfaction at steps taken by some Oil Marketing Companies to compensate consumers for shortchanging them. Checks by the Chamber confirmed findings of the Ghana Standards Authority (GSA) which revealed that ten fuel stations all in Accra under deliver fuel to consumers. “Copec endorses the actions and steps…