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More Oil Marketing Companies (OMCs) have increased prices of petroleum products at the pumps. GOIL and Shell are the latest to raise the prices of diesel and petrol starting today, July 2, 2024. Both OMCs are selling a litre of petrol at ₵14.80, while diesel is going for ₵14.92 per litre.
Star Oil led the way yesterday, setting prices at ₵14.79 per litre for diesel and ₵13.88 for petrol. Most OMCs have attributed the recent price hikes to the depreciating cedi and rising prices of finished petroleum products on the global market.
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Earlier, the Chamber for Petroleum Consumers (COPEC) predicted a rise in fuel prices for the first pricing window of July 2024. COPEC attributed the anticipated price hike to a further depreciation of the cedi against the dollar, with the exchange rate dropping from an average of $1:GH¢14.4788 to $1:GH¢15.2779, a decline of 1.89%.
As a result, the retail price of petrol is projected to rise by 2.17 percent from the current average pump price of GH¢14.17 per litre to GH¢15.20 per litre. Similarly, the mean retail pump price of diesel is expected to increase to GH¢15.21 per litre, and the price of LPG is projected to rise, with prices ranging between GH¢13.24 per kg and GH¢14.64 per kg.
In its projection, COPEC urged the government to reduce taxes on LPG or subsidize its price to encourage widespread use and accessibility, which would help protect the environment by reducing reliance on firewood. Additionally, COPEC appealed to the government to expedite efforts to bring the Tema Oil Refinery (TOR) back into operation.
