Some major Oil Marketing Companies (OMCs) in the country have adjusted prices of petroleum products at the pumps.
As at Sunday, January 17, 2021, a litre of diesel and petrol was selling at Ghs 5.10 pesewas with a gallon going for Ghs 22.95 pesewas.
The increment in prices by the major OMCs in the country – Total, Shell and Goil – represent a higher price increment of the 3 per cent forecasted last week.
The increment by the major OMCs which control more than 50 per cent of the market, is seen as being crucial as the not so dominant OMCs will follow suit in adjusting the prices of their petroleum products.
The upward review in the prices of petroleum products as earlier reported by norvanreports, is expected to result in talks between government and transport operators over possible increment in transport fares on the back of the convention that should prices of petroleum products go beyond 5 per cent within a quarter, there should be talks for increments in fares.
A subsequent increment in transport fares is expected to lead to increases in the prices of goods and services and the general cost of living.
Meanwhile, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has hit out at government saying it can do more to cushion Ghanaians from increments in the prices of petroleum products.
“We expect government to fall on institutions of state that have been set up to deal with fuel price increment issues. If government puts to optimum use institutions like Tema Oil Refinery (TOR) and Bulk Oil Storage and Transportation (BOST), we will have enough oil stocks such that at times when the international market prices of petroleum products are going higher, we have enough stocks to cushion Ghanaians,” he said in an interview.
