Fuel prices go up by 2.8%

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 would 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 per cent increase in the price of the International Benchmark- Brent crude, the 3.25 per cent increase in the price of Gasoline, the 2.09 per cent increase in Gasoil price, the 0.5 per cent 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 per cent 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 GH¢6.85 and GH¢6.80 respectively, representing more than a three per cent hike from the previous price.

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 per cent.

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.

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