OMCs Archives - Wontumi Online

14 Sep

Diesel, LPG Prices To Go Up 1%, 4% From September 16, 2023 – IES

wontumionlineBusinessDiesel, LPG, OMCs, Petrol

Prices of diesel and Liquefied Petroleum Gas (LPG) are expected to go up by 1 and 4 percent respectively from Saturday, September 16, 2023, the Institute for Energy Security (IES) has projected. However, the price of petrol is likely to remain unchanged during the second pricing window. “The impending increases are coming on the back of an increase in international market price of gasoil by 3.33% and LPG by 2.95%, coupled by a 0.97% depreciation of the Ghana cedi against the U.S. dollar on the foreign exchange market. By range, gasoil and LPG prices are expected to go up by…

14 Jul

NPA Is There To Ensure Consumers Get Value For Money – Abbas Tasunti

wontumionlineBusinessAbbas Tasunti, NPA, OMCs

Head of Economic Relations at the National Petroleum Authority, Abbas Tasunti, says the Authority is committed to ensuring that consumers get value for their money at the pumps. According to him, the deregulated nature of the petroleum market does not mean that the regulator is taking its oversight duties for granted. “It is for that reason why the oil marketing companies and even the bulk import and distribution companies are required to submit their prices to us for us to ensure that every price you see out there has been computed in accordance with the prescribed petroleum pricing formula,” he…

14 Jul

OMCs Are Struggling, Some Are Making No Profits – Agyemang Duah

wontumionlineBusinessKwaku Agyemang Duah, OMCs

Chief Executive Officer of the Association of Oil Marketing Companies, Kwaku Agyemang Duah, says OMCs across the country are struggling. According to him, at the beginning of the year “we had almost about 40% of them who were struggling such that month-on-month they were not making anything.” “They were only trying to survive to make sure that they just break even and others are even under the water now and they’re trying to struggle to come up.” He chalked the phenomenon to the strong competition in Ghana’s petroleum sector. He stated that the country’s oil marketing sector has become saturated,…

31 May

Petrol, Diesel Prices To Stay Same; LPG To Go Down 5% – IES

wontumionlineBusinessDiesel, IES, LPG, OMCs, Petrol

Prices of petrol and diesel are expected to stay the same in the first two weeks of June 2023. However, the price of Liquefied Petroleum Gas (LPG) is expected to decline by roughly 5% during the same period. According to the Institute for Energy Security (IES), this follows the Ghana cedi’s strong performance on the domestic forex market during the last two weeks, and the drop in the price of LPG on the international market, though international prices of the liquid products shot up. “The Institute for Energy Security’s (IES’) review of prices over the past two weeks as monitored…

17 Apr

Fuel Prices Go Up; Petrol Going For ¢12.69-¢13.20 Per Litre

wontumionlineBusinessDiesel, Goil, OMCs, Petrol, Total

Prices of petroleum products have shot up at the pumps this Monday April 17, 2023. This is the first increase since the introduction of the much touted ‘Gold for Oil’ policy. Leading Oil Marketing Companies (OMCs), GOIL, Total and Shell have all increased prices of petrol and diesel. GOIL is selling petrol at ¢13.10 per litre and diesel at ¢12.99 per litre. Shell is also selling a litre of petrol at ¢13.10 per litre, whilst deisel is going for ¢12.99. Total is however selling both petrol and diesel at ¢13.20 per litre respectively, whilst Star Oil is selling both petrol…

03 Apr

Fuel Prices Fall; GOIL, Star Sell Petrol At ¢12.65, ¢11.69 Per Litre

wontumionlineBusinessDiesel, Goil, OMCs, Petrol, star

Some Oil Marketing Companies (OMCs) have begun reviewing prices of petroleum products downwards at the pumps from today. The expected price reduction should have commenced from last Saturday, April 1, 2023. GOIL is selling a litre of petrol at ¢12.65 and diesel for ¢12.84 pesewas respectively. Also, Star Oil is selling a litre of petrol at ¢11.69 and petrol ¢12.69 per litre. The adjustment shows that petrol has declined by a little over 2%, while diesel goes down by almost 5.0%. It is expected that more OMCs are expected to cut fuel prices at the pumps later today. Meanwhile, the…

16 Jan

Do Not Destroy Downstream Petroleum Sector Over Gold-For-Oil Barter – Energy Strategist

wontumionlineBusinessDr. Yusif Sulemana, gold for oil barter, OMCs

The government has been cautioned over its barter of gold-for-oil policy in order not to destroy the downstream petroleum sector According to Energy Strategist, Dr. Yussif Sulemana, the policy may have some energy security ramifications that may impact some Oil Marketing Companies (OMCs). Speaking to Joy Business, Dr. Sulemana, said the policy should be championed so that the gains are not disproportionate to the potential negative impact. “We have to make sure that we do not destroy our banking sector. And I am happy that they are involving a lot of BDCs in this current negotiation. And I also want to…

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…

11 Jan

Oil Marketing Companies Owe Government ¢400m – Dr Abdul-Hamid

wontumionlineBusinessBono Regional Coordinating Council, Dr. Mustapha Abdul-Hamid, National Petroleum Authority, NPA, OMCs

Oil Marketing Companies (OMCs) in the country owe the government more than ¢400 million, Dr Mustapha Abdul-Hamid, the CEO of the National Petroleum Authority (NPA), has stated. The debts, he said are in the form of taxes stressing it was rather unfortunate that “the OMCs don’t want to pay taxes.” Dr Abdul-Hamid said this when he inaugurated the newly refurbished 60-seater capacity conference hall of the Bono Regional Coordinating Council (RCC) in Sunyani, funded by the NPA through the Authority’s Corporate Social Responsibility fund. He said although God had blessed the country, the bad attitudes of many Ghanaians remained the bane…

14 Dec

Fuel Prices To Fall Significantly From December 16, 2022

wontumionlineBusinessfuel prices, OMCs

Prices of petroleum products are expected to fall significantly beginning this Friday, December 16, 2022, the Institute for Energy Security (IES) has projected. According to IES, the expected price drops would be significant due to the 6.60% appreciation of the cedi against the US dollar. It said the new prices will fall to about ¢13 and ¢16 per litre for petrol and diesel, whilst Liquefied Petroleum Gas will go for about ¢12 per kilogram. Even before that, some Oil Marketing Companies (OMCs) have begun reducing prices of petroleum products at the pumps. “With the continued price falls recorded on the…