Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Fuel prices to go down 15% this week

  • SOURCE: | qwesa2big
  • oil dollarThe Ghana Chamber of Bulk Oil Distributors (CBOD) has announced that there will be a 15% reduction in the prices of petroleum products this week. According to the Chamber’s Chief Executive Officer, Senyo Hosi, the reduction has been become necessary due to the marginal decrease in the world market price for refined petroleum products.

    He is quoted by the Daily Graphic as saying, “one good news is the performance of the cedi against other major foreign currencies, especially the dollar. The performance of the cedi is another motivation for the reduction.” He assured the general public that the prices of the products will continue to be reviewed downwards “so long as the cedi rises and the world market price of refined products reduces,” Since the National Petroleum Authority (NPA) transferred its responsibility of pricing petroleum products to the Bulk Oil Distribution Companies (BDCs) and the Oil Marketing Companies (OMCs), petroleum prices have been increased twice.

    In June, petroleum prices were increased by 4% and in July, it went up by 15% The increment was attributed to the cedi depreciation against major trading currencies. According to government, relegating its pricing duties to the OMCs and BDCs forms part of the full deregulation of the petroleum downstream sector in order to remove petroleum subsidies, as well as promote competition in the industry.

     

    Source: Daily Graphic

    Leave a reply

    About Us
    Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
    Twitter Activity Stream
     

    Partners We are proud to be associated with:

    Skip to toolbar