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The Institute for Energy Security (IES) is predicting oil marketing companies will likely increase the prices of their petroleum products to make up for the marginal price movement of crude oil on the international market. “Taking into consideration the two percent increment in prices of Crude oil, coupled with the 0.95 percent and 1.01 percent […]

The Vice President Dr. Mahamadu Bawumiah has inaugurated a state-of-the-art Command Centre for the National Petroleum Authority’s Bulk Road and Electronic Cargo Tracking Systems to control and monitor the distribution of petroleum products across the country. This technology will also help curb illicit activities in the petroleum downstream industry. According to the NPA, the dominant

Despite a 9 percent decrease, Urals spot prices in Northwest Europe were still one and a half times higher in 2019 than in 2016 ($63.3 versus $41.1 per barrel, according to Refinitiv), when the first OPEC + agreement was signed. As a result, the Russian budget again, as in 2017-2018, received additional income, which reached

The Chamber of Petroleum Consumers (COPEC) has called on the government to take immediate steps to hedge the purchase of crude oil from the international market. It says it will enable the country avoid paying more for the product in the coming days. Oil hedging is used to reduce or eliminate a company or country’s

Oil prices have rose after two bases hosting US troops in Iraq were hit by ballistic missiles. Brent crude was up by 1.4% at $69.21 per barrel in the middle of the Asian trade, easing back from earlier gains. So-called safe haven assets, like gold and the Japanese yen, also rose on the news. At

Oil prices have climbed above $70 a barrel for the first time in four months amid fears that the US air strike that killed Iran’s top military commander may trigger a retaliation. The global oil markets have risen by more than 5% to $70.73 a barrel since the attack that killed Qassem Suleimani in Iraq

Personnel of the Ghana National Fire Service (GNFS) Friday evening prevented fire in a parked fuel tanker at a waiting area in front of the Bulk Oil Storage and Transport (BOST) depot at Buipe in the Savannah Region from spreading to the main storage facility of the company. However, the fire affected three other tankers

An investigative committee has been set up to probe a fire incident near a depot belonging to the Bulk Oil Storage and Transportation Company Limited (BOST) at Buipe in the Savannah Region on Friday. Government Relations Manager at the Buipe depot, Mr Yaw Antwi-Dadzie, told the Ghana News Agency (GNA) that the committee will ascertain

Mitch Kahn remembers how, when fighting began in the second war in Iraq, prices for US crude oil spiked $10 per barrel overnight. That would have meant a profit of $50,000 if a trader had made the smallest purchasing trade possible. Or, just as big a loss if the trader had decided to sell. Mr

Ing. Herbert Ato Morrison has been appointed acting Managing Director of the Tema Oil Refinery, Citi News can confirm. His appointment follows the resignation of Isaac Osei, who served as the MD of the company for nearly three years. A source at the refinery disclosed to Citi News that the mantle fell on Ing. Morrison