• 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

Patronize cheaper petroleum products – Energy Analyst

5 years ago
in Energy, highlights, Home, home-news, latest News
2 min read
0 0
0
108
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Energy analyst Kwadwo Poku, is advocating for the patronage of petroleum products of small Oil Marketing Companies (OMCs) in the country.

According to energy analyst, the loyalty and continuous patronage of petroleum products of big OMCs in the country despite their continuous fuel price increments and non-adherence to the country’s petroleum price deregulation policy is unnecessary.

“The loyalty and patronage of petroleum products of the big OMCs is not necessary, because there are smaller OMCs that are new that are looking for space in the market and so do cheaper and better prices than the big OMCs even when the prices of petroleum products are generally high,” he said.

“If you look at Shell, Total, Puma and Goil, you find out that their prices are outrageous,” he added.

Mr Poku’s assertions follow recent increments in prices of finished petroleum products at the pumps by the major OMCs in the country.

Major OMCs in the country – Shell, Total, Puma and Goil – control over 50 per cent market share of Ghana’s downstream industry.

In his article titled Is petroleum price deregulation working for Ghanaians? and published on norvanreports, Mr Poku argued that despite a 73% fall in petroleum prices on the world market due to the Covid, major OMCs in the country failed to reduce petroleum prices at the pumps by the same margin.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

Rather, a meagre 26% reduction in petroleum prices was given by the OMCs.

“Whenever there is a downward trend in international oil market prices, it is supposed to reflect in fuel prices but the OMCs don’t give Ghanaians that, fuel prices on the back of Covid-19 fell from $612 to $164, a 73% fall but the OMCs only gave Ghanaians a 26% reduction at the pump and the OMCs and BDCs kept the difference,” he noted.

“And when it was asked why when prices of petroleum products are going up, they are quick to increase the prices but when they are going down they are slow to reduce the prices, the OMCs and BDCs said they are recovering their losses. The sensitivity with which they increase prices is not the same sensitivity with which they decrease prices. OMCs and BDCs are being more driven by profit rather the being sensitive to price changes,” he added.

To him, the petroleum price deregulation policy crafted and implemented by government since 2015, has failed to live up to its purpose and no longer cushions Ghanaians from price increments in finished petroleum products.

He therefore further called for a review of the deregulation policy.

Source: norvanreports
Via: Snr Fuaad Dodoo
Tags: big OMCscheaper petroleum productsGOILPumaShellsmall OMCsTotal
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 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.