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
-
GPL: Our fans spur us on – GoldStars head coach Frimpong Manso on unbeaten run
39 mins -
Plantain chips are breaking hearts in Africa
44 mins -
61 new architects acquire state license to practice in Ghana
1 hour -
Masloc CEO honoured as capacity building Shero of the Year
1 hour -
MPs’ Repeated Attempts to Sue the Speaker: Unintended Consequences for the 2024 Elections?
1 hour -
Today’s front pages: Tuesday, November 5, 2024
2 hours -
Galamsey: Investigation into attack on Joy News’ Erastus Asare and colleagues already growing cold
2 hours -
Mahama promises construction of stadia in all 16 regions if elected
2 hours -
Dampare has transformed Police training school – Bawumia
2 hours -
America braced as two stark visions collide on election day
2 hours -
NAPO urges Ghanaians to support NPP’s vision for national development
3 hours -
About 95% of PWDs in Obuasi have source of livelihood – MCE
3 hours -
Immigration Service intercepts 54 gallons of fuel
3 hours -
Election 2024: Roman Fada selected as flagbearer for Ghana Freedom Party
3 hours -
Bawumia to launch Ghana’s credit scoring system on Nov. 7
3 hours