As of February 2, 2024, some Oil Marketing Companies (OMCs) in Ghana have begun increasing the prices of petroleum products at the pumps.
The market leader, GOIL, is selling a litre of diesel at ¢13.49, while petrol is priced at ¢12.69 per litre. This reflects a marginal increase from the prices recorded about four weeks ago.
The National Petroleum Authority (NPA) has revealed that the impending hike in fuel prices will affect all participants in the industry.
This adjustment is expected to be implemented by various Oil Marketing Companies, with projections indicating that some may increase their prices at the pumps.
The decision to review fuel prices every two weeks is influenced by global market developments, the cost of crude oil, and the performance of the local currency.
Earlier predictions by the Institute for Energy Securities suggested a 2% increase in petrol and Liquified Petroleum Gas prices, along with a 3% rise in diesel prices.
“In the coming days, consumers going to the pumps are likely to see the following changes: an increase in the price of Gasoline [petrol] by 2%, 3% increase in price Gasoil [diesel] and 2% increase in LPG price largely as a combined effect of the Ghana cedi depreciation and the international market price rise for the products”.