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Crude oil prices fell on Monday, as global oil demand remains weak causing a rising glut of supply around the world. International benchmark Brent crude was trading at $30.55 per barrel at 0641 GMT for a 1.36% decline after closing Friday at $30.97 a barrel. American benchmark West Texas Intermediate (WTI) was at $24.46 a barrel […]

The Petroleum Hub Implementation Committee will serve as a focal point of all activities to ensure the realisation of the Petroleum Hub dream. The Members are Dr Mohammed Amin Adam, Deputy Minister of Energy in charge of Petroleum, Mr Joseph Cudjoe, Deputy Minister in charge of Finance and Infrastructure, Mr Adu Boahen, Deputy Minister of

The Managing Director of the Bulk Oil Storage and Transportation Company Limited (BOST), Edwin Provencal is asking government to increase the BOST Margin from the current three pesewas per litre to nine pesewas. According to Provencal, the increment will help them maintain the deteriorating facilities at BOST, a strategic asset of the State. He explained that

The price of OPEC basket of thirteen crudes stood at $14.36 a barrel on Wednesday, compared with $12.41 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of

The Chamber of Petroleum Consumers (COPEC) has called on the state to immediately address the UNIPASS issues to avert fuel shortage in the country. In a statement, COPEC said Oil Marketing Companies (OMCs) and the Liquified Petroleum Gas Marketing Companies (LPGMCs) that had orders for supply of fuel to various outlets could not load a

As concerns continue to mount over lack of storage facilities to store oil in the US, the Chamber of Petroleum Consumers, Ghana, (COPEC) is calling on the Government to help the Bulk Oil Storage and Transport (BOST) get the needed credit facilities to stock oil for the country. “We do believe this notwithstanding, however, that

The Cylinder Recirculation Recovery Margin which was expected to allow LPG operators charge 13.5 pesewas for each kilogram of LPG has effectively been withdrawn. The Minister of Energy, Peter Amewu disclosed this at a press briefing today, Thursday, April 16, 2020. “That slight increase in price that you saw in the papers, it has been

The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, have agreed to cut oil output by 10 million barrels per day (bpd) in May and June. That’s according to a statement released by the group. The move according to analysts is designed to help prop up petrol prices, which have been

The Chamber of Petroleum Consumers Ghana (COPEC) and the Consumer Protection Agency (CPA) have asked the National Petroleum Authority to withdraw with immediate effect, a cylinder investment margin (CIM) imposed on petroleum products effective April 2, 2020. According to the two bodies, the new levy/tax is illegal as it does not have parliamentary approval. A

OPEC will meet on Monday with Russia and other oil producers in the hope of agreeing supply cuts and ending a brutal price war. The meeting, called by Saudi Arabia, will be held via video conference and will include oil producers from outside the OPEC+ alliance that includes Russia and a few other countries, two senior