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| Petrol, diesel prices now going for ¢13.10, ¢15.99 per litre. |
Prices of petroleum products at the pumps have recently become more expensive due to actions taken by Oil Marketing Companies (OMCs).
This is because the biweekly revision of fuel prices that began yesterday, October 16, 2022, is responsible for bringing about this.
The increase was able to take place thanks to a combination of factors, including a moderate rise in the price of crude oil on the global market during the time period in question as well as a significant fall in the value of the cedi.
According to research conducted by Joy Business, several OMCs have increased the price of petrol per litre to ¢13.10 from the previous price of ¢11.10, representing an increase of around 16%.
On the other hand, compared to its former price of ¢13.90 per litre, diesel fuel now costs around ¢15.99 per litre. This is a significant increase; and this amounts to around, 12% increase.
In a similar vein, it is anticipated that the cost of liquefied petroleum gas (also known as LPG) would increase by around 10% starting today, October 17, 2022.
However, the OMCs will each have their own unique range of pricing for the various petroleum products that they sell at the pump.
Fuel prices to go up from October 16 – IES
According to a forecast provided by the Institute for Energy Security (IES), consumers could anticipate paying more for their gasoline beginning on Sunday, October 16, 2022.
This happened as a result of price rises for the items on foreign markets, as well as a major fall in the value of the local currency in comparison to the American greenback or US 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,” the Institute added.
Also Read: GPRTU threatens 30% to 40% increase in transport fares.
Source: ghananews.hrforum.uk
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