Some oil marketing companies have started increasing prices of petroleum products at the pumps.
Shell is selling a litre of petrol and diesel at GH₵14.84.
Market leader GOIL is however selling a litre of petrol for GH₵14.60, from its old price of GH₵14.55. Diesel is going for GH₵14.75, up from the previous price of GH₵14.70. GOIL’s price is lower compared to Shell.
Persons close to GOIL have told JOYBUSINESS that the adjustment is due to the GH₵0.05 increase in the Unified Petroleum Price Fund (UPPF) margin. The National Petroleum Authority has directed industry players to increase the margin from June 1, 2024.
Some oil marketing companies have explained that prices at the pumps would have remained unchanged if the UPPF margin had not gone up.
More oil marketing firms are expected to increase their prices at the pumps.
Analysts have questioned the decision and rationale behind the NPA’s directive to increase the UPPF margin.
This is because the price of crude oil has been dropping on the World Market-- which some observers say should have reflected in the prices at the pumps.
In addition, some observers and civil society organisations have argued that consumers should have enjoyed a sharp drop in prices if the cedi was stable against the dollar.
As prices increase, it is unclear how the adjustment will impact transport fares.
Latest Stories
-
FWSC responds to CLOGSAG strike declaration, urges return to negotiation
23 mins -
Members contribute to ‘transport’ national team – Volleyball Vice President laments financial struggles
31 mins -
New SHS curriculum provides adaptive learning pathways – EduWatch
34 mins -
Pay NABCO trainees – Mahama challenges Bawumia
42 mins -
Police ‘waiting for court date’ on Erastus’ case is a lie – Samson Anyenini
52 mins -
Sports facilities are better managed by institutions – UG Sports Director on maintenance of Legon stadium
1 hour -
Ghanaian businesses must align vision with strategy to mitigate ESG Risks – KPMG
2 hours -
MTN achieves 30% localisation of Scancom PLC
2 hours -
Attorney-General: Some lawyers sacrifice ethics for ‘cheap’ political gains
2 hours -
Bond market: Volume up by 12.45% to GH¢746m
2 hours -
Cedi records year-to-date loss of nearly 29%; one dollar going for GH¢17.10
2 hours -
‘Our priorities are wrong in Ghana’ – UG Sports Director on sports development
2 hours -
The Fourth Estate’s investigative report wins 2nd place at 2024 AIJC
2 hours -
GPL: Our fans spur us on – GoldStars head coach Frimpong Manso on unbeaten run
3 hours -
Plantain chips are breaking hearts in Africa
3 hours