Crude markets had a panic attack in August and September that sent prices soaring. Sanity is now returning. Prices have fallen but are likely to move even lower over the next few months. The panic attack was caused largely by Trump’s August 7 announcement that sanctions would be re-imposed on Iran. Anxiety about the effect […]
Why Oil Prices Could Still Go Lower Read More »
The new ship fuel regulations coming into force at the start of 2020 are set to create an initial confusion on the refining market and crude oil and oil product trade flows, analysts and industry experts say. We are now just 14 months away from January 1, 2020—the start date which the International Maritime Organization
Is A Diesel Crunch Coming? Read More »
Oil prices fell on Tuesday [October 10, 2018] following the IMF’s downward review of the global economic growth forecasts. Reuters however reports that markets were supported as Hurricane Michael closed nearly 40 percent of U.S. Gulf of Mexico oil output and U.S. sanctions restricted Iranian exports. The Fund reduced the global economic growth from 3.9
Oil prices drop after IMF’s review of global economic growth Read More »
The Tankers Drivers Union (TDU) says Monday’s industrial action by its members has been called off with immediate effect. The union of over 4,000 transporters of petrol, diesel and petroleum products, said they would suspend operations citing poor working conditions and salary distortions, and vowed to remain on strike until the National Petroleum Authority (NPA)
Tanker drivers call off strike Read More »
Labour has joined public disapproval of fuel price increases that hit the pumps last week. Fuel prices went beyond ¢5 per litre during last pricing window, causing many interest groups to call on the government to step in and provide some cushion. Already, the Chamber of Petroleum Consumers Ghana (COPEC) has called for “an immediate
Fuel price hikes not what you promised – TUC berates gov’t Read More »
Fuel shortage could hit the pumps from Monday if tanker drivers follow through with a threat to park their vehicles to protest poor service conditions. The Ghana National Petroleum Tanker Drivers Union, which is made up of over 4,000 bulk transporters of petrol, diesel and other fuel types, has said its members will park their
Fuel shortage imminent as tanker drivers threaten strike Read More »
Special Prosecutor Martin Amidu, has turned down a request to investigate how an amount of Ghc40 million cedis was allegedly transferred from the Bulk Oil Storage and Transportation Company Limited (BOST), to the presidency between August 2015 and early January 2017. The group calling itself the Centre for National Affairs, wanted the Special Prosecutor to
Amidu turns down request to probe Mahama, Debrah over ‘suspicious’ Ghc40m BOST cash Read More »
Energy Think Tank, Africa Centre for Energy Policy (ACEP), has backed calls for the government to bring relief to fuel consumers by scrapping some taxes from the petroleum price build up. Fuel prices crossed the GHc5 per litre mark earlier in the week, giving rise to calls for government to cushion consumers against economic hardship.
ACEP backs calls for removal of some fuel taxes Read More »
The National Petroleum Authority (NPA) is advocating a review of the law setting it up to give it powers to prosecute smugglers of petroleum products. Pursuant to the current law, the authority can only impose a fine, suspend or ban companies that engage in illegal activities. The authority has, since September last year, apprehended
NPA wants power to prosecute Read More »
Bulk Oil Distributors have denied paying ¢40.5m in ‘security fees’ after revelations, it ended up ‘illegally’ in the office of the Chief of Staff’s account. Senyo Hosi who is Chief Executive of the Chamber of Bulk Oil Distributors said on Joy FM Monday, ‘there is nothing like security fees’ in their invoices. He
Oil companies deny ¢40.5m payments that ended up in Chief of Staff account Read More »
