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Petrol, diesel now sell at ¢15.25, ¢15.90 per litre at pumps.

Petrol, diesel now sell at ¢15.25, ¢15.90 per litre at pumps.
Petrol, diesel now sell at ¢15.25, ¢15.90 per litre at pumps.

As expected, several Oil Marketing Companies (OMCs) have begun raising the price of fuel at the pump as of today, February 1, 2023.

A litre of fuel is currently being sold by GOIL, one of the market leaders, for ¢15.25 instead of the prior price of ¢13.60.

In contrast, diesel is now selling for ¢15.90 a litre, up from ¢15.52 before.

Later today, new fuel rates are anticipated to be announced by other OMCs in a similar fashion.

The Institute for Energy Security (IES) forecasted that the price of gasoline, diesel, and liquefied petroleum gas (LPG) will climb between 7% and 13% starting on February 1, 2023, over the next two weeks, prior to today's announcement of price hikes.

The steep devaluation of the cedi over the last two weeks and the increasing international gasoline costs as shown on the worldwide S&P Platts platform, according to the IES, are to blame for the increase in local fuel prices.

The energy think group said that despite the government receiving over 41,000 metric tonnes of diesel under its "Gold for Oil" programme, the price of fuel will rise.

COPEC appeals to transport operators to hold on to increase in transport fares.

As fuel prices rise, the Chamber of Petroleum Consumers (COPEC) has urged transportation companies to hold off on plans to press for a hike in transportation fees.

The Ghana Road Transport Union (GPRTU) has previously said that it would call for an increase in transportation costs if fuel prices kept rising.

The Executive Secretary of COPEC, Duncan Amoah, responded to the situation by stating that, the transport owners may need to wait until the end of the first quarter of the year before requesting a rate hike.

“We think it is too early to start demanding for an upward review of fuel prices. At least we must wait and monitor the trend until March”, Mr. Amoah said.

Also Read: Ghanaians expect better socio-economic conditions in 2023.

Also Read: Ghana Businesses, Jobs and Resource Links.

Source: HR Forum News

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