Global oil prices are at their highest point in five months, costing Ghanaian drivers GH¢14.99 for petrol and GH¢14.80 for diesel at Goil, the market leader.
Other oil marketing companies, including Shell, TotalEnergies, Puma, Star Oil, So Energy, and IBM Petroleum, have also raised their pump prices to reflect the two-week review period.
Currently, Shell offers petrol for GH¢14.29 and diesel for GH¢14.74, while TotalEnergies sells petrol for GH¢14.30 and diesel for GH¢14.80.
Puma Energy sells patrol for GH¢13.77 and diesel for GH¢14.37, whilst Star Oil is selling patrol for GH¢13.73 and diesel GH¢13.83.
Analysts warned the rising prices could have an impact on inflation.
Executive Director of the Institute for Energy Security (IES), Nana Amoasi VII, warned Ghanaians to expect higher fuel prices in the coming days.
According to him, this is due to rising global market prices and the cedi’s depreciation, noting that crude, which is currently selling at $84 per barrel, can hit $100 as a result of rising tension in the Middle East.
The next pricing window for November under the National Petroleum Authority’s petroleum pricing regulation is scheduled to begin on Wednesday, May 1, 2024, with fuel prices projected to rise again.
A Business Desk Report