The Chamber of Oil Marketing Companies (COMAC) has reported a sharp rise in global crude oil prices in 2026, with averages climbing from $109.66 per barrel to $129.80 per barrel—an 18.37% increase driven largely by escalating geopolitical tensions. The chamber says despite rising international prices, it projects a mixed trend for ex-pump prices in the...
Month: April 2026
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Gov’t Moves to Fix Power Distribution Challenges with Major Infrastructure Upgrades – Jinapor
The Minister for Energy and Green Transition, John Abdulai Jinapor, has announced a series of investments and technical interventions aimed at improving the reliability and quality of electricity supply across Ghana, following growing concerns over intermittent outages. In a statement addressing the nation, the Minister acknowledged persistent power disruptions, particularly in Accra and Kumasi, noting...
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Wrong-Way Bets on Oil Had a Star Trader Hundreds of Millions in the Hole
Vitol, one of the world’s largest commodity-trading firms, is among companies hardest hit by the Iran war A team led by a star trader at Vitol, the world’s biggest oil merchant, took a several hundred million dollar hit early in the Iran war after bets in the petroleum market went awry, people familiar with the...
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Energy Minister Hints Possible Shake-up at ECG over Poor ‘Responsiveness’
Hon. John Jinapor, the Minister of Energy and Green Transition, has issued a stern warning to the Electricity Company of Ghana (ECG), signaling a potential leadership and operational restructuring following persistent reports of service lethargy. Addressing stakeholders and staff, the Minister expressed significant dissatisfaction with the current level of responsiveness in various districts, noting that...
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Obsolete Refinery Plants Undermine Fuel Stability; COPEC Boss Calls for Upgrades
Duncan Amoah, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), has intensified calls for the government to prioritize technical and strategic investments in the Tema Oil Refinery (TOR) to prevent the nation’s energy security from being compromised by “inefficient, old, and obsolete” infrastructure. He asserts that the current state of the refinery significantly...
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Energy Minister John Jinapor likely to suspend some fuel margins today
Energy Minister John Jinapor is expected to announce a temporary suspension of some margins on petroleum pricing today, in what could bring relief to consumers over the next four weeks. This is what JOYBUSINESS has gathered from persons with knowledge of engagements between the Finance Minister, Cassiel Ato Forson, and the Energy Minister to review...
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IMANI, 3 Others Call for GHC1.65 Relief from Petroleum products
MANI Africa, the Chamber of Petroleum Consumers (COPEC), the Institute for Energy Security (IES), and the Institute for Energy Strategy (INSTEPR) have jointly proposed a cumulative reduction of GH¢1.65 in the current petroleum price build-up. This unified call follows a directive from President H.E. Mahama during the most recent cabinet meeting, which tasked the Ministries...
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Petroleum Hub Project— Solution to Ghana’s Energy Security Crisis
Global crude oil markets are once again on edge as prices decisively surged past the $100 per barrel mark following the sudden collapse of a critical ceasefire agreement. The Petroleum Hub Development Corporation (PHDC) notes that this sharp uptick is driven primarily by the renewed threat of closure for the Strait of Hormuz, the world’s...
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Star Oil posts strongest growth to cement market leadership in 2025
Star Oil has recorded the highest growth in petroleum product sales, consolidating its position as the market leader in Ghana’s oil marketing industry for 2025. The company grew by 27.76% in total petroleum products sold, achieving a market share of 10.68%. This allowed it to narrowly overtake GOIL PLC, which posted a modest 1.72% growth...
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Nigerian Navy intercepts vessels carrying N4 billion worth of suspected stolen crude oil
The Nigerian Navy has seized two vessels containing 939 metric tons of suspected stolen crude oil valued at over N4 billion. The disclosure was made by the Commander of Joint Task Force South Operation Delta Safe, Olugbenga Oladipo, while briefing journalists in Calabar on Sunday. He said the operation took place at midnight on April...