Tag: OMCs
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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…
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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…
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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…
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Fuel prices to drop in second pricing window in March
The Institute for Energy Security (IES) is predicting at least a 3% fall in fuel prices for the second pricing window in March. The IES is basing the fall on the drop in prices of petroleum products on the world market. They also believe there has been a relative stability in the forex exchange market…
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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…
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Paying BDC debts will give us respite – OMCs
Oil Marketing Companies (OMCs) have expressed confidence in the new administration to complete the payments of the BDC debt. According to them, adequate structures have been put in place, for the payment of the debt without any undue delays. The prompt payment of the debts is expected to among other things facilitate the purchase of…
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We’re not influencing market negatively – GOIL
Ghanaian owned oil Marketing Company, GOIL, has rejected assertions that its decision to maintain prices of petroleum products for the second pricing window in January is a deliberate attempt to distort pricing in the petroleum downstream sector. According to some industry observers, the move defeats the primary purpose of the downstream petroleum price deregulation regime.…
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OMCs justify petroleum price increases
Oil Marketing Companies (OMCs) in the country have justified the continuous increases in prices of petroleum products this month. The deregulation of the downstream petroleum sector allows OMCs to review prices of petroleum products every two weeks. However since the beginning of the year, prices are being reviewed every week. Prices of petroleum products increased…