Several Oil Marketing Companies (OMCs) across the country have adjusted their prices upward, reflecting a rise in the cost of petroleum products.
Allied Oil initiated the price hike on October 16, 2024, setting the price of petrol at GH₵12.73 per litre and diesel at GH₵13.73.
This marks a slight increase from the rates recorded at the start of the month on October 1, 2024.
Shell followed suit, raising its petrol price to GH₵14.72 per litre, a 7 per cent increase compared to its earlier pricing.
Diesel prices at Shell saw a more moderate rise of 4.45 per cent, now retailing at GH₵14.99 per litre.
Market leader, GOIL, also announced its price adjustments on Thursday, October 17, 2024. GOIL increased the price of petrol by 7.89 per cent to GH₵14.49, while diesel saw a rise of over 4 per cent, now selling at GH₵14.90 per litre This is in contrast to the prices from October 9, 2024.
Star Oil, the second-largest OMC, similarly adjusted its rates.
Petrol now sells at GH₵13.99 per litre, reflecting an over 7 per cent increase, while diesel rose by 3.42 per cent to GH₵14.19 per litre.
The reports shows that more OMCs are expected to revise their prices in the coming days.
Reasons for the Price Hikes
The recent price adjustments have primarily impacted petrol, which saw an average increase of more than 7 per cent across several companies. Diesel prices also rose, though, to a lesser extent, with a more than 4 per cent hike per litre.
OMCs have attributed the increases to the rising cost of crude oil on the global market, as well as a spike in the price of finished petroleum products.
Additionally, the depreciation of the Ghanaian cedi has been cited as a key factor influencing these price adjustments.
Price Outlook
Despite the recent increases, there is some optimism regarding the future of fuel prices.
Crude oil prices on the international market have been trending downwards over the past two days.
As of October 17, 2024, Brent Crude was trading between US$73 and US$99 per barrel, a significant drop from the over US$80 range seen in recent weeks.
Energy expert Benjamin Nsiah has expressed cautious optimism, suggesting that prices could “remain stable” or experience a slight decline in the coming month.
Story by: Mercy Addai Turkson
