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Ghana: NPA Says Fuel Availability Remains Priority Despite GHS 520 Million Revenue Hit
Ghana’s National Petroleum Authority (NPA) said on Monday its priority is to ensure fuel supplies remain available nationwide, as the government monitors global oil prices and absorbs an estimated GHS 520 million ($X million) revenue shortfall from a 2-cedi reduction in fuel prices this month.
Abbas Ibrahim Tasunti, the NPA’s Director of Economic Regulation and Planning, said the regulator’s mandate is to ensure transparent and fair pricing while maintaining a steady supply of petroleum products across the country.
“Our major concern is to ensure that the product is available in the first place before we even talk about the price of the product,” Tasunti said in an interview with TV3 monitored by this publication.
Tasunti said the NPA seeks to ensure that importers and refiners recover their costs so they can continue supplying the domestic market.
“If the refinery is to refine, it should be able to cover its costs so it can continue to buy the product and supply it to us,” he said.
He said the NPA implements government pricing directives and will continue to monitor the market to ensure petroleum products are priced fairly while remaining available across the country.
“If we don’t have the product, price is not an issue,” Tasunti said. “This is not peculiar to Ghana. Every country faces this challenge.”
His comments come as the government monitors Brent crude prices after the decline in global oil prices slowed following April.
Earlier this week, government officials said the recent 2-cedi reduction in fuel prices would reduce state revenue by more than GHS 520 million this month.
Tasunti said the NPA’s overriding objective is to ensure consumers have reliable access to fuel.
“Our focus is to make sure consumers always have products to power their economy,” he said.
Ghana: Tema Oil Refinery Recruits Over 300 Newly Graduated Engineers Into Permanent Jobs, Says MD
Ghana’s premier refinery, Tema Oil Refinery (TOR) Ltd, has recruited 300 newly graduated engineers into permanent positions, Managing Director Edmond Kombat Esq said on Saturday.
“We took a deliberate decision last year to invest in the future of Ghana’s refining industry by recruiting a record 300 young engineers into permanent positions,” Kombat said.
According to him, the newly recruited engineers are receiving the training and practical experience needed to become the next generation of refinery experts.
The refinery had suspended crude oil processing for more than six years and was generating revenue mainly from the storage of refined petroleum products for customers. However, the new management, led by Kombat, embarked on a major rehabilitation programme, and the refinery is now processing 28,000 barrels of crude oil per day.
Kombat said that during maintenance of the Residue Fluid Catalytic Cracking (RFCC) Unit, the refinery engaged 287 temporary workers. In addition, 35 local subcontractors working on the project collectively employed 654 temporary workers to carry out critical works across the refinery.
“These initiatives have directly created opportunities for 1,542 Ghanaians through permanent and temporary employment, providing them with skills, income, dignity and renewed hope. Each of these jobs represents a family supported, a career launched and a future strengthened. This is the true impact of the reset and restoration of Tema Oil Refinery,” he said.
Kombat said the figures represent far more than employment statistics.
“They represent families whose livelihoods have been sustained. They represent young engineers and technicians who now have the opportunity to build meaningful careers. They represent experienced professionals passing on invaluable knowledge to the next generation,” he added.
Trump Criticises Exxon, Chevron Over Profits, Urges Lower Gasoline Prices
U.S. President Donald Trump on Monday criticised ExxonMobil and Chevron for making what he described as “too much money” from higher fuel prices linked to the conflict involving Iran, and urged the oil majors to lower gasoline prices for consumers.
“I don’t like it,” Trump told reporters on Monday, three days after the companies reported strong second-quarter earnings, according to Reuters.
“Chevron, too much money. ExxonMobil, too much. Too much money,” Trump said.
“They better cut the retail price, the consumer price,” Trump told reporters, adding that oil prices would “drop through the floor” when the conflict involving Iran ends, Reuters reported.
Exxon Mobil and Chevron did not immediately respond to Trump’s remarks.
Trump has frequently used public pressure to influence corporate behaviour, often targeting companies through social media posts or comments to reporters.
During his first term, he urged automakers to keep production in the United States, criticised defence contractors over costs and called on pharmaceutical companies to lower drug prices.
Since returning to office, he has continued that approach, using the presidency to try to influence corporate decisions without always relying on formal government action.
Earlier on Monday, Trump criticised Chevron Chief Executive Mike Wirth over his appearance on Fox News’ Sunday Morning Futures with Maria Bartiromo, saying Wirth failed to credit his administration’s support for the U.S. oil industry.
“The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!” Trump wrote on his Truth Social platform.
“As an example, they threw Mike and Chevron out of Venezuela, but now they’re back, far bigger and stronger than ever before, expecting to make a fortune!” he added.
Chevron has operated in Venezuela for more than a century.
The company remained in the country after former President Hugo Chávez nationalised oil projects in 2007, while Exxon Mobil and ConocoPhillips exited the country.
A spokesperson for the American Petroleum Institute, which represents U.S. oil and natural gas companies, said higher fuel prices were being driven by global market conditions rather than the actions of individual companies.
“Today’s higher prices are driven by global supply, demand and continued uncertainty around the Strait of Hormuz and other critical shipping lanes — not by any one company,” the spokesperson said.
Morocco To Build $1.5 Billion Waste-To-Energy Plant In Casablanca
A consortium led by Swiss-Japanese firm Kanadevia Inova plans to begin construction of a $1.5 billion waste-to-energy plant in Casablanca by the end of the year, with full operations expected by mid-2030.
The facility in Morocco’s largest city will be the second of its kind in Africa and aims to generate electricity while reducing methane emissions and other environmental impacts from the Mediouna landfill, the country’s largest.
Kanadevia Inova and its partners signed a concession agreement awarded by Casablanca’s city government on Monday.
The consortium includes Moroccan energy company Nareva and Japan’s Itochu.
Once operational, the plant will process about 1.5 million metric tons of waste a year and generate about 115 megawatts of electricity from a combination of waste, solar power and landfill gas, enough to supply nearly 1 million people, Kanadevia Inova said.
Critics of waste-to-energy plants, including environmental scientists, climate activists and local community groups, say they undermine recycling efforts and emit particulate matter and greenhouse gases because most rely on incineration.
Construction is expected to begin once debt and equity financing is fully secured by the fourth quarter of this year, Kanadevia Inova Chief Executive Bruno-Frédéric Baudouin said in an interview with Reuters.
The plant, which will be built by Moroccan construction company Somagec, is expected to take about three and a half years to complete, although waste treatment and electricity generation could begin six to 10 months before the project is fully completed, Baudouin said.
The consortium has also secured a power purchase agreement with state-owned electricity utility ONEE and plans to seek financing from Moroccan lenders, he said.
“The debt will be all local,” Baudouin said.
The Mediouna landfill on the outskirts of Casablanca has for decades generated foul odours and pollution that has seeped into nearby farmland, while decomposing waste releases methane and other greenhouse gases.
Baudouin said the new plant could reduce greenhouse gas emissions by an amount equivalent to about 20% of Switzerland’s annual emissions.
“It’s like removing 300,000 cars from the road,” he said..
BP Completes Sale Of Gelsenkirchen Refinery To Klesch Group
BP has completed the sale of its Gelsenkirchen refinery and related businesses to Klesch Group, the company said.
The British oil major said the sale is in line with its focus on disciplined capital allocation and is expected to reduce underlying operating expenditure by about $1 billion.
“This deal strengthens our balance sheet and simplifies our portfolio. By concentrating our capital on the assets and markets where BP can be most competitive, we are building a higher-value, more resilient downstream business that continues to supply the fuels and products our customers rely on,” Richard Harding, BP’s interim executive vice president for downstream, said.
Based on historical performance, the transaction is expected to be accretive to free cash flow and transfers the associated assets and liabilities to Klesch Group.
“Gelsenkirchen plays an important role in supplying western Germany with fuels and petrochemicals. With its refining experience and established presence in Germany, Klesch Group is well placed to take Gelsenkirchen into its next chapter. BP will continue to support customers in Germany through its businesses, including Aral,” Patrick Wendeler, BP’s head of country for Germany, said.
BP said the sale follows its conclusion that a new owner would be better placed to develop the refinery and support its long-term future. Employees at the refinery and the associated businesses have transferred to Klesch Group as part of the transaction.
Following the sale, BP retains a refining portfolio of five refineries serving key customers and markets across its downstream business: Cherry Point and Whiting in the United States, and Castellón, Lingen and Rotterdam in Europe.
Shell Signs Deal To Sell European Onshore Renewables Portfolio To TotalEnergies
Shell has signed a sale and purchase agreement with TotalEnergies to sell its European onshore renewables portfolio.
The portfolio includes development-stage and operational assets in Italy, the Netherlands, Spain and the United Kingdom.
The deal reflects Shell’s strategy of actively managing and upgrading its power portfolio, in line with the strategy outlined at its 2025 Capital Markets Day, Machteld de Haan, President of Downstream, Renewables and Energy Solutions, said.
“We are recycling capital and prioritising areas where we have differentiated capabilities and can create the most value over time, including through asset-backed power trading and customer-focused energy solutions,” de Haan said.
The transaction is subject to regulatory approvals and is expected to close by the end of 2026. “In line with our strategy, these two transactions enable us to optimise our capital allocation in renewables while continuing to deploy our integrated power strategy. The acquisition of Shell’s onshore renewables assets in Europe strengthens our power generation position in selected deregulated markets across Europe and supports the implementation of our integrated strategy across the electricity value chain. It also complements the flexible generation capacity of the gas-fired power plants of TTEP, our joint venture with EPH, particularly in Italy, the Netherlands and the United Kingdom,” said Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies.OPEC+ To Raise Oil Production Quota By 188,000 Bpd From September
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have agreed to increase their oil production quota by 188,000 barrels per day (bpd) from September, the group said on Sunday.
In a statement, OPEC said the decision was reached during a virtual meeting of the seven member countries that had previously implemented additional voluntary production cuts in April and November 2023.
The countries are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
The group said it reviewed global oil market conditions and the outlook before agreeing to adjust production levels.
Under the agreement, Saudi Arabia and Russia will each increase production by 62,000 bpd, Iraq by 26,000 bpd, Kuwait by 16,000 bpd, Kazakhstan by 10,000 bpd, Algeria by 6,000 bpd and Oman by 5,000 bpd.
“In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023,” OPEC said.
The production increase will take effect in September.
The group said the adjustment would also provide an opportunity for participating countries to accelerate compensation for previous overproduction.
“The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation,” the statement said.
The countries reaffirmed their commitment to full compliance with the Declaration of Cooperation, including the additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC).
They also reiterated their intention to fully compensate for any excess production recorded since January 2024.
OPEC said the seven countries would continue to meet monthly to review market conditions.
The next OPEC+ meeting is scheduled for September 6.
Ghana: Fuel Tanker Driver And Mate Killed In Explosion On Accra–Kumasi Highway
The tanker reportedly skidded off the bridge before falling into the river, where it caught fire and exploded, killing both occupants.
The cause of the crash has not yet been determined.
The Ghana National Fire Service said investigations are underway to establish the circumstances surrounding the incident.
Zambia: ERB Slashes Fuel Prices for August As Global Oil Prices Fall
Zambia’s energy regulator, the Energy Regulation Board (ERB), has reduced pump prices for all petroleum products for August 2026, citing lower international oil prices despite the depreciation of the kwacha.
ERB Board Chairperson James Banda said in a statement that international petrol prices declined from US$105.82 per barrel to US$96.92 per barrel, while Jet A-1/kerosene prices dropped from US$158.97 per barrel to US$123.59 per barrel.
Diesel prices remained largely stable, edging up slightly from US$125.65 per barrel to US$126.58 per barrel.
During the same period, the kwacha depreciated against the US dollar, weakening from K18.35 to K19.01 per US$.
The new national uniform pump prices per litre are:
- Petrol: K25.29, down from K26.15
- Diesel: K26.86, down from K28.11
- Kerosene: K27.02, down from K28.32
- Jet A-1: K28.71, down from K30.27
Ghana: Mahama Cuts Diesel Regulatory Margin By GH¢2 To Ease Fuel Price Hike
Ghana’s President, John Dramani Mahama, has directed a reduction in the regulatory margin on diesel by GH¢2 per litre for one month, effective Tuesday, August 4, 2026, following a sharp increase in fuel pump prices across major fuel retail outlets on Monday.
Oil Marketing Companies (OMCs) on Monday morning began reviewing pump prices upward, with petrol (gasoline) rising to GH¢16.29 per litre, while diesel exceeded GH¢19 per litre.
The OMCs attributed the price increases to higher international refined petroleum prices, driven by renewed conflict in the Middle East, as well as domestic market pressures.
The latest development has triggered widespread complaints from motorists on social media.
In response, the Presidency, in a statement issued by the President’s Spokesperson, Felix Kwakye Ofosu, announced a GH¢2 reduction in diesel prices, effective Tuesday, August 4, 2026.
The temporary measure is expected to help prevent transport fare increases, contain inflationary pressures, and reduce the impact of higher fuel prices on the cost of living.
The Presidency said the government will continue to monitor developments in the international energy market and introduce further policy measures where necessary to protect consumers and sustain the country’s economic recovery.
The reduction will remain in force for one month unless it is reviewed by the government.
Ghana: Fuel Prices Jump; Petrol Tops GH¢15 Per Litre, Diesel Exceeds GH¢19
Fuel pump prices have risen sharply in the first pricing window of August in Ghana, triggering widespread complaints from motorists on social media.
Oil Marketing Companies (OMCs) attributed the increases in pump prices to higher international refined petroleum prices, driven by renewed conflict in the Middle East, as well as domestic market pressures.
Major OMCs began adjusting their pump prices on Monday morning.
GOIL PLC, the market leader, revised its prices, with petrol (Regular) selling at GH¢15.99 per litre and diesel at GH¢19.26 per litre.
Star Oil, the country’s second-largest OMC, also reviewed its prices. Petrol (Regular) is now selling at GH¢15.57 per litre, petrol (RON 95) at GH¢17.77 per litre, and diesel at GH¢18.97 per litre.
TotalEnergies increased its prices, with petrol selling at GH¢16.29 per litre and diesel at GH¢19.49 per litre.
Shell also adjusted its pump prices, with petrol selling at GH¢16.29 per litre and diesel at GH¢19.49 per litre.
Zen revised its prices, with petrol selling at GH¢15.05 per litre and diesel at GH¢18.15 per litre.
Dukes Petroleum also revised its prices, with petrol selling at GH¢14.97 per litre and diesel at GH¢17.60 per litre.
IBM is selling petrol at GH¢15.99 per litre and diesel at GH¢19.20 per litre.
PETROSOL is selling petrol at GH¢14.98 per litre and diesel at GH¢17.98 per litre.Other OMCs have signalled their intention to adjust pump prices before the close of business on Monday.
Data from the National Petroleum Authority (NPA), the regulator of Ghana’s downstream petroleum sector, showed that the international benchmark price of petrol rose to $1,092 per metric tonne from $970 per metric tonne, while diesel increased to $1,216.45 per metric tonne from $974.40 per metric tonne.
The Chamber of Oil Marketing Companies (COMAC), in its latest market outlook, explained that the recent fuel price increases were largely influenced by developments on the international market, particularly the sharp rise in crude oil prices and refined petroleum product costs.
According to the Chamber, the average crude oil price increased by 23.25 per cent during the review period, rising from US$71.90 to US$88.62 per barrel.
Refined petroleum products also recorded significant increases, with diesel registering the highest increase of 24.84 per cent, followed by petrol at 12.58 per cent and Liquefied Petroleum Gas (LPG) at 12.24 per cent.
The Chamber attributed the surge in crude oil prices to heightened geopolitical tensions, particularly uncertainty surrounding developments involving the United States and Iran, as well as concerns over possible disruptions to shipping through the Strait of Hormuz.
Beyond global market factors, COMAC identified the depreciation of the Ghana cedi as another major contributor to the higher fuel prices.Explosion Reported Near Tanker Off Oman, Crew Safe, UKMTO Says
There was an explosion early on Monday near a tanker off the coast of Oman, the UK Maritime Trade Operations (UKMTO) centre confirmed, according to Anadolu Agency.
UKMTO said it received a report of an incident about 20 nautical miles northeast of the Omani town of Khasab after the master of the tanker reported hearing an explosion close to the vessel.
The vessel and its crew were safe, and authorities launched an investigation into the incident, UKMTO said.
The agency advised vessels transiting the area to exercise caution and report any suspicious activity.
The incident comes amid heightened tensions around the Strait of Hormuz following recent military confrontations between the United States and Iran.
Washington has called on Tehran to ensure freedom of navigation through the strategic waterway, while Iran has said shipping traffic in waters off its coast should be subject to its oversight.
On Saturday, U.S. President Donald Trump said he had cancelled a planned military strike on Iran after regional mediation efforts. Iranian officials rejected the claim, denying reports that any agreement had been reached to reopen the Strait of Hormuz.
Gambia: Government Raises Fuel Prices For August On Higher Global Oil Costs
The Gambian government has increased retail fuel prices for August, citing higher international prices for refined petroleum products.
The Ministry of Petroleum, Energy and Mines said in a statement that the new prices, approved after the monthly fuel price review, took effect on Aug. 1.
Under the revised prices, petrol (PMS) will retail at 104.18 dalasis ($1.42) per litre, diesel (AGO) at 116.63 dalasis ($1.59) per litre and kerosene at 99.62 dalasis($1.36) per litre.
The ministry said the increases from July reflected higher international benchmark prices for refined petroleum products during the latest pricing cycle.
It said the monthly review is conducted under the government’s petroleum pricing framework, which takes into account international refined fuel prices, import costs, exchange rates, statutory taxes and levies, and other pricing components.
The ministry said these factors are assessed each month before new pump prices are set.
It said it would continue to monitor developments in international oil markets and adjust domestic prices as necessary in line with the pricing mechanism.
Monthly fuel price adjustments have become routine under the government’s review system, with domestic pump prices largely influenced by movements in global oil markets and the exchange rate.
The latest increase is expected to raise fuel costs for motorists, transport operators and businesses, potentially putting upward pressure on transport fares and the prices of goods and services.
The ministry said it remained committed to implementing the pricing framework transparently while responding to changes in international market conditions.
Ghana: Energy Minister Jinapor To Submit Roadmap For Tema Oil Refinery’s Expansion To 100,000 bpd
Ghana’s Minister for Energy and Green Transition, Dr. John Abdulai Jinapor, said he had prepared a roadmap to expand the Tema Oil Refinery’s (TOR) processing capacity to 100,000 barrels per day, following a directive from President John Dramani Mahama.
Mahama, speaking on Saturday at the commissioning of the refinery’s refurbished Crude Distillation Unit, said he had directed the energy ministry to work with TOR’s management to prepare a comprehensive plan to expand the refinery from its original processing capacity of 45,000 barrels per day to 100,000 barrels per day.
In a Facebook post later on Saturday, Jinapor said he would present the roadmap in line with the president’s directive.
“In accordance with the directive of President John Dramani Mahama, I have prepared and will present a comprehensive roadmap for expanding TOR’s refining capacity to 100,000 barrels per day,” Jinapor wrote.
“This will enable us to refine more of Ghana’s crude oil locally, meet a greater share of domestic demand, create jobs, add value to our natural resources and strengthen Ghana’s position as a petroleum hub for the sub-region,” he said.
TOR had not processed crude oil for more than six years and instead generated revenue by storing refined petroleum products for customers.
The state-owned refinery had accumulated significant debt while much of its critical equipment deteriorated.
After taking office in 2025, the current management, led by Managing Director Edmond Kombat, began rehabilitating the refinery’s facilities.
The refinery is currently processing about 28,000 barrels per stream day, while work continues on other units to restore its original capacity of 45,000 barrels per stream day.
Jinapor said the refinery’s revival marked an important step in the government’s efforts to revitalise Ghana’s energy sector.
“When we assumed office, this strategic national asset had been placed under a private operating arrangement that did not deliver the intended outcomes, leaving the refinery’s core operations largely dormant,” he said.
“Today, we have restored TOR to its rightful place as a key pillar of Ghana’s energy security and industrial transformation.”
He said restoring the refinery would help rebuild investor confidence, increase domestic refining of Ghana’s crude oil, reduce reliance on imported refined petroleum products and support the government’s economic agenda.
Jinapor also commended Kombat, the refinery’s board, management and staff for their role in bringing the facility back into operation.