Shell and GOIL lead petroleum price increases amid UPPF margin hike
Some oil marketing companies have commenced raising the prices of petroleum products at the pumps.
Shell now sells a litre of petrol and diesel at GH₵14.84. Market leader GOIL, while maintaining lower prices compared to Shell, has also adjusted its rates.
GOIL’s petrol price has increased to GH₵14.60 per litre from GH₵14.55, and diesel is now GH₵14.75 per litre, up from GH₵14.70.
Sources close to GOIL indicate that this price adjustment is directly tied to the GH₵0.05 increase in the Unified Petroleum Price Fund (UPPF) margin.
The National Petroleum Authority (NPA) has mandated all industry players to implement this margin hike starting June 1, 2024.
According to some oil marketing companies, pump prices would have remained unchanged had the UPPF margin not been raised.
The NPA’s directive has prompted analysts to question the rationale behind the decision, especially given the declining price of crude oil on the world market.
Analysts argue that falling crude oil prices should have resulted in lower prices at the pumps. Additionally, civil society organizations and market observers point out that a stable cedi against the dollar should have led to a significant drop in consumer prices.
