Petrol and Diesel Prices Edge Upward Amid New Pricing Window Adjustments
Some Oil Marketing Companies (OMCs) have begun marginally adjusting fuel prices upwards, with Shell leading the charge in the first pricing window for December 2024.
The price of petrol at Shell outlets has increased from GH₵14.82 per litre, recorded during the second pricing window in November, to GH₵14.99. Diesel prices have also seen a slight uptick, rising from GH₵15.66 per litre to GH₵15.72.
This modest adjustment comes against the backdrop of a mixed pricing performance during the second pricing window of November, when petrol prices declined but diesel prices remained unchanged.
This contrasts with earlier projections by the Chamber of Petroleum Consumers (COPEC), which anticipated price reductions across both products due to favourable international market conditions and a relatively stable Ghanaian cedi.
Market Dynamics Behind the Increment
Data from the international energy market showed a drop in petrol prices from $723.03 per metric tonne to $676.64 per metric tonne during November. However, Shell’s recent price increment signals that local market forces, including operational costs and exchange rate adjustments, may now be exerting upward pressure.
The decision by Shell could also set a precedent for other OMCs to follow suit, with further price adjustments expected as the December pricing window unfolds.
Implications for Consumers
Fuel price adjustments remain a significant concern for Ghanaians, as they directly influence transport costs and overall inflation. The marginal increases seen so far may foreshadow further adjustments if international market conditions or currency performance worsen.
With just four days into the pricing window, industry observers will closely monitor whether Shell’s action triggers broader market movements, affecting consumers and businesses alike.
