Fuel prices hit GH¢7 per litre at some pumps

Fuel prices hit GH¢7 per litre at some pumps

Fuel prices have started skyrocketing again as some of the oil marketing firms have started selling diesel above 7 Ghana cedis per litre from 6 cedis 85 pesewas.

A look through some prices at the pumps on Sunday, January 16, 2022, showed that while a litre of petrol and diesel was going for GH¢ 6.50 at Goil, Shell was selling both at GH¢ 6.80. Total, however, was selling a litre of petrol at Gh¢ 6.99 and a litre of diesel at Gh¢ 7.05.

This situation in the coming weeks will lead other smaller Oil Marketing Companies to also adjust their prices upwards.

 Institute for Energy Security (IES)  predicted the fuel prices at the pumps to hit GH¢7 per litre in the second pricing window of this month, January 2022.

Though fuel prices per litre at most pumps around the country reduced to around GH¢6.50 on average in the past few weeks, that quickly rose to reach an average of GH¢6.70 at most pumps.

Per IES Market-Scan, Star Oil, Benab Oil, Petro Sankofa, Goodness Oil and Top Oil are the OMCs with the least-priced Gasoline and Gasoil on the local market for the pricing window under review.

However, Executive Director of IES, Nana Amoasi VII, stated that the expected jump in prices will be driven by price developments on the international market.

“The coming pricing window which starts on Sunday may see the price of petrol and diesel go up on the local market. This is on the back of happenings on the international market. Over the past 2 weeks, Brent Crude Oil has moved from about $77 to about $83 per barrel, representing an increase of about 8%. While the price of Gasoline increased by 9.46% to close the window at $774.94 per metric tonne, the Price of Gasoil also increased within the period by 8.52% to close trading at $696.00 per metric tonne from its earlier price of $641.38 per metric tonne.”

A prediction of the increment in fuel prices was also done by the Chamber of Petroleum Consumers (COPEC) two weeks ago, which they noted that ex-pump prices of petrol and diesel may increase by 24 and 17 pesewas, respectively.

Prices of fuel products have over the period gone up due to the increment in crude oil prices on the international market, inflation and the depreciation of the Ghana cedi.

By: Stella Annan | myactiveonline.com Twitter @activetvgh

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