• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Gov’t urged to cushion consumers against consistent hike in oil prices

3 years ago
in Energy, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
110
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Gov’t urged to cushion consumers against consistent hike in oil prices

Executive Director of the Institute for Energy Security, Nana Amoasi VII, has urged  government to intervene in cushioning consumers against the shocks of increment in oil prices.

Concerns have been raised by energy experts that the rising oil prices will impact negatively on consumers, though the country will benefit significantly from the windfall of the commodity price.

Crude oil price crossed the $100 mark on 24th February, 2022, selling at $105 per barrel on the world market, far more than the $65 dollars budgeted by the government in the 2022 Budget.

Nana Amoasi VII also called on the government for a revitalization of the Tema Oil Refinery.

“We expect government to put in measures to stop the consistent rise in fuel prices on our local market. Of course there are ways to deal with this.”

“There are three factors that account for prices we see at the pumps. One will be the taxes, levies and margins they slap on the price build-up. Two is the value of our local currency against the US dollar- the major trading currency and finally the international prices”. Government can say they don’t have answers to this for the price exposure; the BOST system, the TOR system can manage those prices and supply shocks to some extent”, he added.

RelatedPosts

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

Read: Stock markets rebound on Russia sanctions

“Then in terms of the depreciation of the cedi, we still count on government to ensure that there is enough dollars in the system so we are good at that end”, Nana Amoasi VII further said.

The increasing price of crude oil has been caused by the conflict between Russia and Ukraine, two biggest producers of crude oil.

The Executive Secretary of the Chamber of Petroleum Consumers, Duncan Amoah, asserts that although consumers’ should embrace for price hikes at the pumps, there are some measures government can put in place to mitigate the impact of the rising oil prices on Ghanaians.

“We’re not surprise that crude oil move from $96 overnight to $102 currently. We are certain that by weekend if these tensions continue, we could be hitting $110 and probably $120 in no time. What that means is that Ghanaian pump prices which takes major exports from Europe could also cross ¢8.50 or ¢8.70 by the first day of March 2022; these are real numbers and these are things that we cannot run away from”.

“We expect the authorities to sit immediately and devise a proper containment strategy as far as pump prices is concerned. Once international market prices go up, Ghana as an oil producing and exporting country is simply going to get a lot more revenue”, he stressed.

Tags: Gov't urged to cushion consumers against consistent hike in oil pricesInstitute for Energy SecurityNana Amoasi VIIRussia and UkraineTema Oil Refinery.
No Result
View All Result

Highlights

OPEC+ Nears Decision Point on Next Oil Output Hike

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Trending

Business

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

August 3, 2025

Multichoice Rebuffs Minister's Claim On DSTV Price Cuts, Cites Market Conditions MultiChoice Ghana has pushed back against...

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.