Oil marketing companies Archives

16 Jan

Petrol Now Sells At ¢13.90 With Diesel Going For ¢15.60 Per Litre

wontumionlineBusinessCEDI, Diesel, dollar, Oil marketing companies, OMCs, Petrol

Some Oil Marketing Companies (OMCs) have started increasing the prices of petroleum products at the pumps. The marginal increase is due to the depreciation of the cedi and the slight increase in the price of crude oil. It is the first in about a month. Now, the price of petrol per litre is going for about ¢13.90, from ¢12.40, whilst that of diesel is selling at about ¢15.60 per litre, from about ¢13.70. The prices are, however, slightly lower at some OMCs. It is unclear whether the price of Liquefied Petroleum Gas (LPG) will go up or remain stable. The…

13 Jan

We Won’t Condone Any Bad Practices – NPA Warns Oil Marketing Companies

wontumionlineBusinessNational Petroleum Authority, Oil marketing companies

The National Petroleum Authority (NPA) has sounded caution to Oil Marketing Companies (OMCs) not to engage in practices that contravene the rules governing the sector. The caution was given by the Public Relations Officer of the NPA, Mohammed Abdul Kudus, in an interview with Nana Yaw Kesseh on "Kokrokoo" morning show on Peace FM. Mr. Mohammed Kudus stated emphatically that the NPA will not condone any bad practice by any of the OMCs and will take sanctions against any oil marketer who breaches the terms and conditions. "In fact, it is important for the industry so that at least when you sanitize it…

30 Dec

Fuel Prices Set To Return To Single Digits In 2023

wontumionlineBusinessOil marketing companies

Oil marketing companies (OMCs) are expected to reduce fuel prices significantly in the first week of 2023, with some selling at single digits, the Institute for Energy Securities (IES) has predicted. The prediction is coming on the back of the 5.28% and 5.09% fall in the prices of Gasoline and LPG respectively and the 26.51% appreciation of the Cedi against the US Dollar in the second pricing window of December. According to the energy think-tank in its January 2023 first pricing window, “despite the marginal rise in the price of Gasoil on the international market, the Ghana Cedi’s appreciation against…

28 Sep

17 Oil Companies Fail To Pay Taxes — Auditor General’s Report

wontumionlineBusinessNPA, Oil companies, Oil marketing companies

Seventeen Oil Marketing Companies (OMCs) did not pay duties and taxes totalling GH¢249,800,802.28 on 219,995,530 litres of fuel products lifted for the period January 2020 to December 2021. The Auditor General’s report on the audit of ministries, departments and agencies noted the discrepancy from the Integrated Customs Management System (ICUMS). Twenty-eight Oil OMCs failed to settle their rescheduled debts of GH¢402,049,571.70. This is contrary to Section 47 of the Revenue Administration Act, 2016 (Act 915). The law provides that a taxpayer may apply in writing to the Commissioner-General for an extension of time to pay tax under the tax law.…