Fuel prices to go up by 30p starting today
Prices of petroleum products are expected to go up from today in accordance with the upward review of prices at the pumps by some oil marketing companies.
Based on information picked up from Bulk Oil Distributors, diesel is expected to witness the highest jump in price going up by some 29 pesewas per liter.
This should mean that a liter of diesel will be sold at around GHS 10.94p.
Petrol on the other hand, will go up by 4p which means that a liter of petrol may be sold at around GHS 9.39p from next week.
According to the oil marketing companies, the increment can be attributed to developments from the international market that has seen prices of finished petroleum products go up marginally as well as supply issues with diesel on the local market.
However, some industry watchers are still questioning the current price codes of oil marketing companies because a closer look at some indicators reveal that prices of fuel should have rather witnessed some marginal decline from this week.
Some industry players have also argued that with crude prices on the international markets being fairly stable, as well as the cedi gaining some grounds, this price codes should not have been witnessed on the market.
The price increment in fuel was anticipated by the Chamber of Petroleum Consumers (COPEC).
According to COPEC, whilst prices of petrol and diesel will go up marginally, Liquefied Petroleum Gas (LPG) will go down.
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It explained that based on the current average price of crude oil of $104.56 per barrel, resulting in $1,057.44 per metric tonne for petrol and $1,138.33 per metric tonne for diesel on the International market, coupled with the exchange rate of $1:¢7.8165 and the government’s tax rebate of 15 pesewas per liter still in place, it is expecting the ex-pump prices of fuel for the next pricing Window, from 1st – 15th May 2022 to go up.
COPEC projects petrol to sell at GHS 9.538 per liter, about 0.4% increase, whilst diesel will go for GHS 10.829 per liter (3% increase) during the next pricing window.
On the other hand, it said Liquefied Petroleum Gas (LPG) is likely to be sold at about GHS 10.093 per kilogramme, showing a reduction of about 21 pesewas (2%) over that of the previous window.
“Considering no sudden jerks in crude oil pricing, which could lead to changes in petrol and diesel prices on the international market, then the ex-pump prices are expected to be within the projected figures as above for the next window”, it further said.
The expected increase in fuel prices, COPEC, pointed out, is primarily due to the fallen dollar exchange rate and increase in prices of finished products (petrol and diesel) on the international market despite the fallen crude price.
During the beginning of this pricing window, price of diesel went up marginally, because of supply challenges.
