Some Oil Marketing Companies(OMCs) have started increasing prices of petroleum products at the pumps from today, Wednesday, February 1, 2023, as anticipated.
One of the market leaders, GOIL, is now selling a litre of petrol at ¢15.25, from the previous ¢13.60.
Diesel on the other hand is going for ¢15.90 per litre, from the previous ¢15.52.
Other OMCs are expected to follow suit by announcing new fuel prices later today.
Ahead of the announcement of increases in fuel prices today, the Institute for Energy Security (IES) predicted between 7% and 13% jump in the prices of petrol, diesel and Liquefied Petroleum Gas (LPG), from February 1, 2023, for the next two weeks.
According to the IES, the rise in domestic fuel prices is due to the sharp depreciation of the cedi during the last two weeks and the rising international fuel prices as observed on the global S&P Platts platform.
The energy think tank pointed out that the increase in fuel prices would be occasioned in spite of government’s receipt of approximately 41,000 metric tonnes of diesel under its “Gold for Oil” programme.
The Ghana Road Transport Union (GPRTU) had earlier stated that it will demand an increase in transport fares if prices of petroleum products continue to increase at the pumps.
But reacting to the issue, the Executive Secretary of COPEC, Duncan Amoah said the transport owners may have to wait until the end of the first quarter of the year before demanding for increase in fares.
“We think it is too early to start demanding an upward review of fuel prices. At least we must wait and monitor the trend until March”, Mr Amoah said.