Fuel prices shoot up; a litre of petrol now selling at ¢17.48.

Fuel prices shoot up; a litre of petrol now selling at ¢17.48.

Fuel prices have skyrocketed dramatically even before the Oil Marketing Companies' fortnight evaluation of petroleum products on Sunday, October 30, 2022.

This is happening despite the global market price for crude oil being constant. Although the price of crude oil is now around $90 per barrel, the sharp devaluation of the cedi has caused fuel costs to skyrocket.

According to GhanaNews.hrforum.uk's checks, Petrosol and Engen have raised the cost of both petrol and diesel.

Petrosol is now selling petrol at ¢17.48 per liter, while Engen is charging ¢17.54 per liter.

A litre of diesel is currently available from Petrosol and Engen for ¢19.89 and ¢19.44, respectively.

GhanaNews.hrforum.uk is aware that, all other OMCs will raise their petroleum product prices before October 31, 2022, with the exception of GOIL.

Latest petrol and diesel prices of Petrosol.

An industry expert told Joy Business, monitored by GhanaNews.hrforum.uk that, since the Bulk Oil Distribution Companies have been selling to them at the going market rate, the OMCs can no longer wait for the biweekly review of petroleum product pricing.

The Ghana Private Road Transport Union (GPRTU) has already said that it plans to raise transportation costs by 19% beginning on Saturday, October 29, 2022.

The rising cost of petroleum, will increase inflation and this will eventually have an impact on interest rates and borrowing costs.

The price of fuel increased on October 16, 2022, by 7% to 12%.

Also Read: Petroleum shortage, likely to hit Ghana.

After the most recent price review on October 16, 2022, fuel prices increased by 7% to 12%.

The Institute for Energy Security (IES) attributed this to rising product prices on the global market and a sharp decrease in the value of local currencies relative to the US dollar or American greenback.