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Oil prices drop after IMF’s review of global economic growth

oil new

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 to 3.7 percent. The IMF ...

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Petroleum C’ssion partners Glasgow to boost oil sector


The Petroleum Commission has secured a partnership with Glasgow Caledonian University (GCU) to deliver work-based education to the oil and gas industry in Ghana. The agreement, which was signed on Monday, October 2, 2018 with GCU, will provide educational support and help in strategically positioning Ghana’s oil and gas industry. The Commission and the GCU will therefore co-operate across the ...

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Eni commits to SDGs with Ghana operations


President Akufo-Addo has met with and the CEO of Eni, Claudio Descalzi to discuss Eni’s operational activities in Ghana. The meeting also looked at the frontrunner role Ghana can play in the partnership Eni recently signed with UNDP. The partnership seeks to combine efforts on the development of renewable energy, energy efficiency, forestry and clean cooking initiatives, starting in Africa. The ...

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Fuel prices to remain unchanged in October


Fuel prices are to remain stable for the first pricing window of October [spanning October 1-15, 2018]. This is a prediction by the Institute of Energy Security (IES). The IES attributes the findings to various indicators such as the cedi’s performance and marginal increase in the price of Brent crude. Prices of fuel went up in the last pricing window ...

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Fuel transport: ACEP proposes utilization of pipelines

Benjamin Boakye - Executive Director of ACEP

The African Centre for Energy Policy (ACEP) wants the mandate of the Bulk Oil Storage and Transportation Company, BOST to be reviewed to deepen its storage capacity. ACEP explains that this should help in finding a lasting solution to the intermittent challenges associated with fuel transportation in Ghana. The comment also follows the sit down strike by the petrol tanker ...

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Reduce taxes, stabilise cedi to bring down fuel prices – TUC

Dr Yaw Baah - Secretary General, TUC

The Trades Union’s Congress (TUC), is asking the Akuffo-Addo government to review a number of taxes that contribute to the astronomical increases in the prices of petroleum products. It also wants pragmatic steps taken to strengthen the Ghana cedi against other major currencies. These demands by TUC come at a time when there is public uproar over the high cost ...

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‘We’ve saved Ghanaians from paying more for fuel’ – Amewu

John Peter Amewu, Minister for Energy

The Minister for Energy, John Peter Amewu, believes that the numerous tax reductions announced by the Akufo-Addo government since it assumed office in 2017, have cushioned Ghanaians against the impact of the fuel price hikes. According to him, Ghanaians would have been paying eight percent more for fuel if the government had not reduced and scrapped some taxes in the ...

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Reduce impact of fuel price hikes on us – GPTRU to gov’t


The Ghana Private Road Transport Union (GPRTU), wants government’s intervention to reduce the impact of fuel price hikes on its members. The Union has however said it does not plan to increase transport fares. The Union cannot increase fares in line with an agreement with the Ministry of Road and Transport. Checks by Citi News at some fuel pumps on ...

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Drivers lament over GH¢5 fuel prices


Some drivers have expressed their displeasure over the increase in fuel prices for the second pricing window in September. Checks by Citi Business News at some fuel pumps on Monday evening [September 17, 2018] showed that Shell had increased its prices. A litre of diesel and petrol are being sold at 5 cedis 18 pesewas and 5 cedis 14 pesewas ...

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