Fuel prices shoot up at the pumps

Source The Ghana Report

Fuel prices have seen an upward adjustment at the pumps on Monday, April 17, 2023.

Leading Oil Marketing Companies (OMCs), GOIL, Total and Shell have all increased prices of petrol and diesel.

GOIL and Shell are now selling a litre of petrol for ¢13.10 and diesel at ¢12.99 per litre from the previous GH¢12.65 and GH¢12.84, respectively.

This is the first increase since the introduction of the government’s gold-for-oil policy.

Total is however selling both petrol and diesel at ¢13.20 per litre, and at Star Oil, both petrol and diesel are sold at ¢12.69 per litre.

Other OMCs are expected to follow suit by increasing the prices of petroleum products at the pumps.

The upward adjustment in prices shows that petrol has gone up by a little above 5.5%, and diesel by about 1.16%.

The current increase in the prices of petroleum products is influenced by some significant increases in the price of crude oil and finished petroleum products on the world market.

Some energy think tanks had earlier projected that the price of petrol was expected to go up, whilst diesel and Liquefied Petroleum Gas will decline.

The Chamber of Petroleum Consumers (COPEC) predicted a 2.01% increase in the price of petrol at the retail pumps from April 16, 2023.

According to COPEC, its forecast is based on the increase in international benchmark pricing from $772.75 per metric tonne to $900.20 per metric tonne, indicating a 16.49% rise. By this, the retail price of petrol works up to ¢12.41 per litre.

The Institute for Energy Security (IES) also projected that domestic fuel prices were likely to see some increment at the pumps for petrol and a marginal decrease for diesel and LPG.

“On account of international market performance observed and the domestic performance of the Ghana cedi, the IES projects prices of domestic gas oil [diesel] and LPG to decrease between 5% – 9% and domestic gasoline [petrol] is forecasted to post the biggest increase of roughly 8%, in the coming weeks”.

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