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Ghana lost GH¢2.7 billion in taxes and regulatory margins in the petroleum downstream sector from 2015 to 2018, the latest report on activities in the downstream petroleum sub-sector has indicated. The report, prepared by the Ghana Chamber of Bulk Oil Distributors (CBOD), showed that the country lost GH¢2,559.08 million in taxes and evaded regulatory margin […]

The Africa Centre for Energy Policy (ACEP) says Ghana will not be able to repay its $2 billion barter agreement with China if it relies solely on revenue from the proposed Integrated Aluminum Industry. This is contained in a paper published by ACEP that analyses the plan as put out by government. Parliament in July 2017

Government’s inability to track the sales and movement of petrol-based products on the local market has created the space for an illegal trading of the commodity, costing the economy over GH¢25million between 2015 and 2018, according to a report released by the Chamber of Bulk Oil Distributors (CBOD). The illegality recorded an unreported tax receipt

Consumers is likely to suffer an oil and gas shortage due to what the Ghana Chamber of Bulk Oil Distributors (CBOD) has termed “unhealthy competition” amongst Bulk Distribution Companies (BDCs) and commercial banks. The unhealthy competition has reportedly resulted in the average BDC premiums falling from $ 66.60/mt to $65.75/mt for gasoline and $64.12/mt to

Mohammed bin Salman said failure to act could embolden Iran and lead to war, which he said would ruin the global economy, following an attack on oil facilities which he blames on Tehran. Iran said the prince’s remarks would “bring [the Saudis] nothing but shame”. The prince also said he accepted some responsibility for journalist

The fight against the illicit trade of refined petroleum products is yielding results, with the latest report on the activities in the downstream petroleum subsector showing that the country saved nearly GH¢1 billion, which would have otherwise been lost through smuggling of the products. The report showed that GH¢952 million was saved from blocking the

The Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors (CBOD) Senyo Hosi has bemoaned the culture of lateness in the country. He said the canker which has become an acceptable norm in our societal life has set the country in a fast retrogressive manner towards productivity. Senyo Hosi indicated that time has

The Economist Intelligent Unit (EIU) says there will be hardly any room for the Bank of Ghana (BoG) to cut its policy rate, as inflation is further expected to inch up in the coming months. According to its Country Report for September 2019, due to factors such as depreciation of the cedi, slow pace of

The Institute of Energy Security (IES) has predicted a further increase in petroleum prices in the coming days. This prediction follows attacks on critical oil facilities in Saudi Arabia over the weekend. According to the IES, the situation is likely to cause a shortage of oil on the world market, thereby leading to a hike

The International Maritime Organization, IMO says it will enforce a new 0.5% global Sulphur Cap on fuel content from 1st January, 2020. According to the IMO, Sulphur in gasoline impairs the effectiveness of emission control systems and contributes to air pollution hence the enforcement of the new 0.5% global Sulphur Cap on fuel content will