Tag: Oil prices
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Fuel prices to remain fairly stable at the pumps – COPEC
Prices of Petrol and Diesel are likely to remain unchanged in the first pricing window of October. Per projections from the Chamber of Petroleum Consumers (COPEC), there could be a one percent increase at the pumps, but Oil Marketing Companies (OMCs) have agreed not to pass on the cost to consumers due to competition. “There…
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COPEC predicts marginal decrease in fuel prices
The Chamber of Petroleum Consumers (COPEC) is predicting a marginal decrease in prices of fuel at the pump. This reduction should be expected by the end of September, according to COPEC. Speaking to Citi Business News, Executive Secretary of COPEC, Duncan Amoah, said consumers should expect either one or two percent reduction in prices of…
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Fuel prices may go up if Exchange Rate is not stabilized – COPEC warns
The Chamber of Petroleum Consumers, COPEC, has warned that fuel prices at the pumps may go above five Ghana cedis in a few days if measures are not put in place to stabilize the cedi against the dollar. COPEC says the continuous depreciation of the cedi increased the price of a liter of petrol by…
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OPEC, Russia meet again to approve biggest ever oil cut
OPEC, Russia and other oil producing nations were meeting on Sunday in a bid to clinch a deal on the biggest oil cut ever, amounting to 10 percent of global supply, after their initial efforts to support oil prices amid the coronavirus pandemic were blocked by Mexico. The group, known as OPEC+, was expected to…
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Anamua Sakyi writes: Low prices induces cut-backs within the oil and gas sector
Brent crude is now trading below the US$30 per barrel mark compared to US$68.60 trading price recorded on January 03, on fears the deadly Covid-19 will push the world into recession with an oversupply of the commodity. Oil prices fell heavily at the open in Asia on Monday 23, 2020 after a trillion-dollar Senate proposal…
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Oil price drop by about 30%; lowest in 4-years as Saudi-Russia ‘crude war’ escalates
Oil prices saw its lowest drop since 1991 on Monday, March 9, 2020, after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak. Prior to this huge slash, crude prices had been…
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BOST must work to keep strategic oil reserves – IES
The Institute of Energy Security, IES, says the current state of the Bulk Oil Storage and Transportation Company, BOST, puts the country at risk in case of oil price hikes. The IES says BOST for the past three years has not been able to strategically store enough oil to cushion the country in an emergency…
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Protect Ghanaians from possible US-Iran tensions escalation – COPEC
Even as oil prices drop on the international market, the Chamber of Petroleum Consumers Ghana-COPEC, has called on the government to put in place strategies to protect Ghanaians against a possible hike in oil prices due to any escalation in US-Iran relations in the near future. According to COPEC, the government can consider hedging as…
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Oil prices jump after top Iranian general killed by US
Oil prices have risen sharply after the killing of a top Iranian general in Iraq. Analysts warned the action could escalate tensions in the region and affect global oil production. The price of Brent crude jumped by more than 3% and at one point hit $69.50 a barrel, the highest since September. It came after…