FUEL PRICES yesterday went up at the pumps following the issuance of new prices by the Oil Marketing Companies (OMC).
The upward adjustment is expected to last till a new review is done next month.
Per the review, a litre of petrol is up from GH¢11.10 to GH¢13.10, while a litre of diesel has gone up from GH¢13.99 to GH¢15.99.
The Institute for Energy Security (IES) indicated that the increase in local prices is 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 dollar.
The sharp rise in gasoline [petrol] and gasoil [diesel] prices on the global market may drive the price of domestic gasoline and gasoil rise higher, as against the rise in LPG [Liquefied Petroleum Gas] price.
In IES’ estimation, consumers of gasoline and gasoil may pay between 7% and 12% more for a litre at the pump in the next two weeks, with gasoil per litre price hinging close to GH¢15.
It added that “although the rise in the price of LPG on the world market was moderate, the significant fall in the value of the cedi, may cause the domestic selling price to rise by not less than 4 per cent at the local pump.”
The IES, however, noted that competition for market share will account for variance in the rate of increases at the pump, across various OMCs.
Prices of petroleum products went up during last pricing window.
Prices of finished products on the local market saw changes in the last pricing window across all Oil Marketing Companies (OMCs).
The national average price per litre of petrol stood at GH¢11.05, up from GH¢10.90 in the last window, representing a 1.36% increase.
The average price of diesel per litre fell to GH¢13.98, from GH¢14.45, representing a 3.25 per cent reduction.
By Jamila Akweley Okertchiri