Fuel prices have shot up significantly by about 10 percent even before the fortnight review of petroleum products on Sunday, October 30, 2022, by the Oil Marketing Companies (OMCs).
This is coming despite a stable price of crude oil on the world market.
Checks by Joy Business indicate some market leaders such as GOIL and TotalEnergies are selling petrol at ¢13.99 a liter while Petrosol and Engen, have increased prices for both petrol and diesel astronomically.
While Petrosol is now selling petrol for ¢17.45 per liter, Engen is selling a liter of petrol for ¢17.54 .
The two OMCs are also now selling a liter of diesel for ¢19. 89 pesewas and ¢19.44 pesewas respectively.
Some Industry players have attributed the surge in prices to recent depreciation of the cedi against the U.S dollar.
An industry analyst told Joy Business that the OMCs can no longer wait for the bi-weekly review of prices of petroleum products because the Bulk Oil Distribution Companies have been selling to them at the current market rate.
Already, the Ghana Private Road Transport Union (GPRTU) has indicated its intention of increasing transport fares, effective Saturday, October 29, 2022 by 19%.
The increasing fuel prices will push inflation up. This will subsequently influence interest rates and the cost of borrowing.
Fuel prices went up between 7% and 12% on October 16, 2022
Fuel prices went up between 7% and 12% in the last price review on October 16, 2022.
According to the Institute for Energy Security (IES), this was due to the increases in price of the products on the international market, and the significant decline in the value of the local currency against the American greenback or US dollar.
Latest Stories
-
Center for Learning and Childhood Development Director Dr Kwame Sakyi honoured at Ghana Philanthropy Awards
5 hours -
Asantehene receives 28 looted artefacts
6 hours -
CAF WCL 2024: Ghana’s Thelma Baffour wins title with TP Mazembe
6 hours -
Benjamin Boakye slams politicisation of energy sector issues and ECG’s inefficiencies
6 hours -
Erastus Asare Donkor and Dr Neta Parsram win big at 10th Mining Industry Awards
7 hours -
Government is “suppressing information” about power sector challenges – IES Director
7 hours -
Majority of our debts caused by forex shortfall – ECG Boss
7 hours -
Pan-African Savings and Loans supports Ghana Blind Union with boreholes
8 hours -
Bole-Bamboi MP Yussif Sulemana donates to artisans and Bole SHS
8 hours -
Top up your credit to avoid potential disruption – ECG to Nuri meter customers
8 hours -
Dutch & Co wins 2024 Entrepreneur of the Year Award
8 hours -
We’ll cut down imports and boost consumption of local rice and other products – Mahama
11 hours -
Prof Opoku-Agyemang donates to Tamale orphanage to mark her birthday
12 hours -
Don’t call re-painted old schools brand new infrastructure – Prof Opoku-Agyemang tells gov’t
12 hours -
Sunon Asogli plant will be back on stream in a few weeks – ECG
12 hours