fuel Archives - Page 3 of 4

02 May

Fuel Prices To Remain Steady Despite Fall In Global Prices – IES

wontumionlineBusinessfuel, IES, Institute of energy security

The Institute of Energy Security has projected that fuel prices may remain unchanged in the next pricing window despite the reduction in crude prices on the global market. This, according to the Institute, is due to the instability of the cedi against the dollar in recent times. Data from the IES Economic Desk on the domestic foreign exchange (forex) market over the last two weeks revealed that the cedi closed trading at ¢12.01 to the US dollar, from ¢11.55 at the start of the window. This led to a loss of about 3.98% in value. “Prices of all petroleum products…

20 Apr

$2.5 Million Worth Of Fuel Condensates For TOR Gone Missing – NAPO

wontumionlineBusiness, NewsDr Matthew Opoku Prempeh, fuel, Minister for Energy, TOR

The Minister for Energy, Dr Matthew Opoku Prempeh has revealed that crude condensation of about $2.5m allocated to the Tema Oil Refinery is reportedly missing. The minister, widely known as NAPO, speaking to the media on April 20, 2023 said that the fund was part of a business opportunity for the refinery to produce premix fuel from condensates from Ghana Gas. “I gave TOR a new business opportunity in the premix fuel market that all the condensate from Ghana Gas should be used for making premix fuel. The last time I heard, over $2.5 million dollars worth of condensate had gone missing…

16 Apr

NPA Reverses Increment Of Fuel Marking Margin, Maintains 4pesewas/Litre

wontumionlineBusinessfuel, NPA

The National Petroleum Authority (NPA) has announced the reversal of its earlier decision to increase the Fuel Marking Margin (FMM) from 4 pesewas to 9 pesewas. In an earlier notice, it had directed all Oil Marketing Companies (OMC) to implement the new rates and apply them in their Price Build-Ups (PBUS) starting April 16, 2023. But in a rejoinder statement on April 15, 2023, the NPA said the margin will remain at 4 pesewas per liter until further notice. The reversal will however come as a sigh of relief since this will not have an effect on the prices of…

30 Mar

Fuel Prices Expected To Drop From April 1 – IES

wontumionlineBusinessfuel

Consumers of petroleum products are expected to witness a significant drop in prices from April 1, 2023. According to the Institute for Energy Security, fuel prices will likely drop between 2 percent and 9 percent. Liquefied Petroleum Gas (LPG), which is key for many households, will also experience a drop in prices. The IES explained that prices of petrol and diesel will drop between 2 percent and 5 percent respectively while LPG will decline by about 9 percent. However, the drop in pricing according to the IES, can attributed to the relative stability of the cedi against the US dollar…

17 Jan

Gold For Oil: We Have Sufficient Gold To Sustain The Deal – Bank Of Ghana

wontumionlineNewsbank of ghana, Bawumia, fuel, Gold for Oil policy, Government

The Bank of Ghana (BoG) has calmed the fears of Ghanaians over government’s ability to provide enough gold for its Gold for Oil policy. The Central Bank says the country has a sufficient quantity of gold reserves to sustain the policy. The Director of Financial Market at the Bank of Ghana, Stephen Opata made this known on Monday, January 16, when he appeared before the Public Accounts Committee (PAC). According to him, there is no cause for concern as the Central Bank is well-positioned to meet the demand for 160,000 ounces of gold per month under the deal. “As for…

19 Dec

Petrol Prices Will Reduce Further – Napo

wontumionlineBusinessDr Matthew Opoku Prempeh, fuel

PRICES OF petroleum products are expected to reduce further in the coming months to help make life comfortable for Ghanaians, Minister of Energy, Dr. Matthew Opoku Prempeh, has assured. The minister, also known as ‘Napo’, noted that he was shocked to see that some Ghanaians were happy when the prices of petroleum products shot up a few weeks ago. He stated that it was not good for politicians to wish evil for the country just because they wanted to recapture political power and form a government. According to Napo, those who wished that petroleum products would increase to make the…

02 Dec

NPA Increases UPPF, BOST Margins On Fuel

wontumionlineBusinessfuel, NPA, Unified Petroleum Price Fund, UPPF

The National Petroleum Authority (NPA) has directed Oil Marketing Companies (OMCs) and other players to increase the Unified Petroleum Price Fund (UPPF) and the Bulk Oil Storage and Transportation (BOST) margins on fuel from, December 1, 2022. A letter from the NPA seen by Joy Business instructed the OMCs to increase the UPPF margin from 36 pesewas to 47 pesewas on every liter of petrol and diesel sold at the pumps. In addition, the UPPF for Kerosine, LPG and Premix fuel have all gone up by 11 pesewas. According to the NPA, the increase is needed to ensure that, freight rates reflect…

03 Nov

Oil Falls As Fed Rate Hike Raises Fuel Demand Concerns

wontumionlineBusinessfuel, Oil

Oil slipped on Thursday as a U.S. interest rate hike pushed up the dollar and increased fears of a global recession that would crimp fuel demand, although losses were capped by concerns over tight supply. Brent crude dropped 85 cnets, or 0.9%, to $95.30 a barrel at 0750 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell $1.01, or 1.1%, to $88.99. Both benchmarks settled up more than $1 on Wednesday, aided by another drop in U.S. oil inventories, even as the Fed boosted interest rates by 75 basis points and Chair Jerome Powell said it was premature to…

22 Oct

‘Government Does Not Set Fuel Prices: Debunk Claims’ -Osafo Marfo

wontumionlineFeatured, News, Trendingfuel, Ghana, NPA, osafo marfo

A communications team member of the New Patriotic Party (NPP), Felix Osafo Marfo, has stated emphatically that government does not set fuel prices under the new regulations as speculated by the National Democratic Congress (NDC). He said this when he joined Kwaku Dawuro on Movement In The Morning Show. Speaking he said that ''someone once asked why government allows the increase of fuel prices. In 1980, the government of Ghana argued to de-regulation. Prior to that, the National Petroleum Authority (NPA) sets fuel prices. After the introduction of the de-regulation system, OMCC now sets the prices of fuel. NDC’s are…

18 Oct

Fuel Prices Jump To Almost GHS16/litre

wontumionlineBusinessfuel, fuel prices

Over the weekend, fuel prices have shot up to almost GHS16 per litre at some stations in the country. At a leading Oil Marketing Company, Total Energies, for instance, the price of Diesel now stands at GHS15.99 while petrol sells for GHS13.10. This is a sharp rise from the GHS11.06 per litre for petrol and GHS13.95 per litre for diesel earlier in the month. The rampant increase in the price of fuel in the country which started off in January at about GHS6.5 per litre has been attributed mainly to the rise in the cost of the commodity on the…