Oil Marketing Companies (OMCs) have begun increasing fuel prices slightly at the pump stations.
According to energy think tank, Institute for Energy Security, fuel prices will go up by ¢0.18 per litre, representing a 2.8 percentage points surge, beginning over the weekend.
It attributed the depreciation of the cedi, among others, as the reasons behind the slight upward adjustment in prices of petroleum products.
“For the January First Pricing-Window, the 8.18% increase in the price of the International Benchmark- Brent crude, the 3.25% increase in the price of Gasoline, the 2.09% increase in Gasoil price, the 0.5% depreciation of the cedi against the US Dollar and the reintroduction of the PSRL; the Institute for Energy Security (IES) projects for the price of fuel on the domestic market at the various pumps to increase by at least 18 pesewas, representing a 2.8% increase.”
Already, Total Petroleum has taken the lead by increasing fuel prices at the pumps.
It’s now selling a litre of diesel and petrol at ¢6.85 and ¢6.80 respectively, representing more than a 3% hike from the previous price.
Price of fuel went down during last pricing window
The price of fuel on the local Ghanaian market experienced a marginal decrease within the window under assessment.
Price of petroleum products at the beginning of the second-pricing window of December 2021 saw the majority of OMCs reduce their prices at the pump by 1.5%.
The IES Market-Scan picked Benab Oil, PetroSankofa, Star Oil, Goodness Oil and Top Oil as the OMCs with the least-priced fuel on the local market for the window under review.
The OMCs with the highest priced were Semanhyia, Engen, Total, Shell (Vivo) and Puma.
Latest Stories
-
Syria’s minorities seek security as country charts new future
31 minutes -
Prof. Nana Aba Appiah Amfo re-appointed as Vice-Chancellor of the University of Ghana
38 minutes -
German police probe market attack security and warnings
38 minutes -
Grief and anger in Magdeburg after Christmas market attack
39 minutes -
Baltasar Coin becomes first Ghanaian meme coin to hit DEX Screener at $100K market cap
1 hour -
EC blames re-collation of disputed results on widespread lawlessness by party supporters
2 hours -
Top 20 Ghanaian songs released in 2024
2 hours -
Beating Messi’s Inter Miami to MLS Cup feels amazing – Joseph Paintsil
2 hours -
NDC administration will reverse all ‘last-minute’ gov’t employee promotions – Asiedu Nketiah
2 hours -
Kudus sights ‘authority and kingship’ for elephant stool celebration
3 hours -
We’ll embrace cutting-edge technologies to address emerging healthcare needs – Prof. Antwi-Kusi
3 hours -
Nana Aba Anamoah, Cwesi Oteng special guests for Philip Nai and Friends’ charity event
3 hours -
Environmental protection officers receive training on how to tackle climate change
3 hours -
CLOGSAG vows to resist partisan appointments in Civil, Local Government Service
4 hours -
Peasant Farmers Association welcomes Mahama’s move to rename Agric Ministry
4 hours