Tag: OMCs
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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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GOIL moves to compensate customers after Standards Authority findings
Some Oil Marketing Companies have moved to restore confidence in the services of their fuel stations cited by the Ghana Standards Authority for shortchanging their customers The companies cited include GOIL which is now giving 25 percent free fuel on any quantity of fuel bought at their Galilea and Mile 11 stations in Accra, the…
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OMCs compensate consumers for shortchanging fuel purchases
Stakeholders in the petroleum downstream sector have begun processes to compensate consumers that were shortchanged by some fuel stations in Accra. According to the Chamber of Petroleum Consumers Ghana, (COPEC) which disclosed this to Citi Business News, discussions are ongoing with the Association of Oil Marketing Companies and the managers of the affected fuel stations…
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Fuel prices to remain unchanged in October
Fuel prices are to remain stable for the first pricing window of October [spanning October 1-15, 2018]. This is a prediction by the Institute of Energy Security (IES). The IES attributes the findings to various indicators such as the cedi’s performance and marginal increase in the price of Brent crude. Prices of fuel went up…
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Fuel prices to reach GH¢4.99 cedis per litre
Consumers should be paying an additional 15 pesewas per litre on fuel they purchase at major fuel pumps from today till the end of this month [July]. This will be the case barring any last minute intervention by the National Petroleum Authority (NPA) to cushion consumers from high prices. The institute of Energy Security (IES)…
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Depreciating cedi to negate fuel price drop – ACEP
The Executive Director of the Africa Centre for Energy Policy (ACEP), Ben Boakye has told Citi Business News petroleum prices at the pumps will not experience any significant drop in the coming weeks, even though crude oil price continues to drop on the international market. According to him, a continuous depreciation of the cedi against the…
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Fuel prices to drop again this week
The prices of petroleum products are expected to drop by about 2 percent this week. This is the indication from Citi Business News’ checks with players within the petroleum industry following developments on the global market. This will also be the second time in less than a week that fuel prices have been reduced this…
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Major OMCs reduce fuel prices
Some major Oil Marketing Companies (OMCs) have reduced their prices by 4 pesewas within the first pricing window of June. The reduction comes after a 3 percent increase in prices of fuel in early part of June. Earlier, checks by Citi Business News showed that a litre each of diesel and petrol were selling for…
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Fuel smuggling: Ghana loses $200m in 2 years
Ghana lost 200 million dollars in both 2016 and 2017 as a result ofthe smuggling of fuel into the country, the National Petroleum Authority has revealed. According to the head of research at the authority, Shiela Abiemo, up to 300,000 metric tonnes of fuel used in the country are not recorded and no taxes paid…
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Goil pursues MMT, others over GH¢12m debt
Oil marketing company, Goil, is hopeful that it will be able to recover the estimated 12 million cedis owed it by state transport company, Metro Mass Transport (MMT), by the end of the year. It follows what the company says is its plan to recover its debts and invest the proceeds into its business from…