Prices of diesel and petrol increase at the pumps

Source The Ghana Report

Some Oil Marketing Companies (OMCs) have increased the prices of petroleum products at the pumps.

It took effect from July 17, 2023.

Market leader, GOIL, is selling a litre of diesel at ¢12.45, while petrol is going for ¢12.40, from the previous ¢12.30.

TotalEnergies is selling a litre of diesel and petrol at ¢12.45, from its previous price of ¢12.30 pesewas per litre.

Shell is selling a litre of diesel at ¢12.45. It was previously selling a litre of diesel at ¢12.30 and petrol at ¢12.40.

The price of Liquified Petroleum Gas(LPG) also rose slightly this window after falling consistently for the past five windows.

According to TotalEnergies, the increase is linked to the cost price of the Bulk Oil Distribution Companies(BDCs), while market leader GOIL attributed it to the slight depreciation of the Ghana cedi to the dollar.

There were initial indications that prices will remain stable at the pumps from July 16 2023.

However, the increase has beaten industry expectations and projections for the second pricing window for July 2023.

The development could negatively impact inflation going into the coming months.

Some BDCs have indicated that the international market prices of finished petroleum products from June 7 to July 11, 2023 pricing window have changed marginally compared to the previous window.

According to the BDCs, these are premiums used in pricing petroleum products from 16th to 31st July 2023.

They also maintained that crude oil prices on the world market within the period rose slightly by about $1.48/barrels per day (2.13%) to about $75.85/bbl. This was largely attributed to a cut in supply by giant oil-producing countries such as Saudi Arabia and Russia.

This is even though prices of global petroleum products were largely affected by the bleak global economic outlook and the rising interest and inflation rates in the US in quarter 2, 2023.

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