Tag: TOR
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Banks’ NPLs hit 8 billion cedis – BoG report
The Non-Performing Loans (NPLs) of commercial banks in Ghana has reached GH¢7.96 billion as at June 2017. The figure went up from the GH¢6.09 billion recorded in the same period in 2016. The latest Banking Stability report by the Bank of Ghana shows that the NPL ratio has also gone up to 21.2 percent from…
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We are not to blame for premix shortage – TOR
The Tema Oil Refinery (TOR) has dismissed claims that challenges with its pump systems have contributed to the shortage of premix fuel in the country. According to TOR, its systems are all in good condition hence have the capacity to produce to meet demand. Fisheries Minister, Elizabeth Afoley Quaye has attributed the shortage of the…
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Fuel prices to drop by 2% in first pricing window in July
Prices of fuel are likely to see further drop in the first pricing window of July by about 2%. This is according to the Institute of Energy Security (IES). The Institute believes indicators such as the relative appreciation of the cedi against the dollar and the general reduction in the global price of crude oil…
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New diesel sulphur content rules to take off tomorrow
Effective Saturday, July 1 2017, all imported diesel into Ghana should have a minimum sulphur content of not more than 50 million parts per million, barring any last minute changes. This follows the implementation of the new regulation by the National Petroleum Authority (NPA). A study by the African Centre for Energy Policy (ACEP) and…
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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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Akufo Addo renews plans to reduce cost of power
President Nana Addo Dankwa Akufo-Addo, has re-emphasized his government’s resolve to protect consumers from high costs of power. He explains that though government is open to private participation in developing the energy sector, it is determined to do so within reasonable price charges. The President made the remarks when he cut the sod for the…
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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…
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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…
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TOR explosion not to affect supplies – Acting CEO
The Acting CEO of the Tema Oil Refinery (TOR), Isaac Osei has allayed concerns over any significant impact on supplies of petroleum products following the suspension of works at the refinery. According to him, there is enough buffer to cater for a potential drop in supply of petroleum products. “The production in the meantime will…
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Ghana is safe from kerosene shortage – Energy Institute
The Institute for Energy Security (IES) has downplayed fears of a likely shortage of Kerosene following scarcity of the product in Nigeria. According to the Institute, Ghana has about 20 million litres of domestic kerosene and seven thousand liters of aviation kerosene available and will not be experiencing a shortage any time soon. “Ghanaians need…