From August 1, 2023, a few Oil Marketing Companies (OMC) have begun raising the price of fuel at the pump.
A litre of petrol is now being sold by GOIL for GH₵12.95 instead of GH₵12.40.
Additionally, diesel is now being sold by the liter for GH₵12.95 instead of GH₵12.45.
The rise in price of finished petroleum products on the global market, as well as some supply problems, can be blamed for it.
Since January 2023, the price of finished petroleum products has increased significantly, according to some industry observers.
As fuel prices make up a significant portion of the inflation basket, the situation might lead to an increase in inflation.
Background
Prior to that date, fuel prices were expected to increase, according to the Chamber of Petroleum Consumers (COPEC).
The Chamber predicted that the average price of petrol and diesel would rise by about 9.0% per litre, while the price of liquified petroleum gas (LPG), was predicted to rise by about 20.0%.
Although the performance of the cedi against the US dollar improved during the period, COPEC stated that, the anticipated increase in petroleum product prices will be caused by the rise in finished goods prices on the global market.
“The following basic information forms the basis of projections for the coming window, that; prices of finished products on the international market has shot up by averagely around 12% for both petrol and diesel whiles Crude price has been increased by 10.53% from the mean price of $75.85/barrel to $83.84/barrel, even though the forex or dollar exchange rate has relatively decreased from a previous average of ¢11.7848 to ¢11.6433 (-1.20%) per $1”.
