Price of petroleum products to see an increment this weekend
Prices of petroleum products are expected to witness some marginal increase at the pumps from this weekend.
Based on data secured from Bulk Oil Distribution Companies, a liter of diesel should be going up by 1.24%, petrol on the other hand will also be increased by almost 2% per liter.
According to the bulk distributors, the increment is as a result of the marginal adjustment in crude oil prices on the international market.
There are concerns on whether the Oil Marketing Companies will bear the new increment or push it consumers.
Some energy experts have argued that a lot more will depend on what the big Oil Marketing firms including GOIL, SHELL and TOTAL, will do in terms of adjusting prices as expected or hold on to any hike looking at the current intense competition in the downstream space.
With the Omicron variant being gradually brought under control, some have made the point that the pick up in crude prices may not be ending anytime soon, therefore, we could be starting the next year with some sustained price increment at the pumps.
Meanwhile, the price of fuel on the local market experienced an increment within the first pricing-window of the month of November.
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Right from the beginning of the window, prices of petroleum products recorded significant upward reviews, from the major Oil Marketing Companies (OMCs), with Total Petroleum Ghana leading the charge.
Prices of Gasoline and Gasoil at the pump increased by roughly GHS 0.10 per liter, in spite of the suspension of the Price Stabilization and Recovery Levy (PSRL) by the National Petroleum Authority (NPA).
The price increases recorded brings the national average price of fuel per litre in Ghana to GHS 6.81 per litre for Gasoline (Petrol) and GHS 6.79 for Gasoil (Diesel), up from GHS 6.64 for both Gasoline and Gasoil.
As per the IES Marekt-Scan, Benab Oil, Zen Petroleum, Cash Oil, Goodness Oil and Top Oil stands as the OMCs that sold the least-priced fuel on the local market, for the pricing-window under review.
The International Benchmark Brent Crude saw its price tumble within the period under assessment with price selling on average at about $83.25 per barrel mark, a 1.54 percent decrease from the previous window’s average price of $84.55 per barrel mark.
The price of the Brent Crude suffered the usual volatilities on the back of the constant geopolitical issues with OPEC+, the United States of America, and the return of global economies from the impact of the pandemic.
