Petrol, diesel prices up, now selling at ¢13.50, ¢13.90/litre

Oil market companies have initiated a series of price hikes for petroleum products at the fuel pumps.

TotalEnergies has raised the price of petrol from ¢12.45 to ¢13.50 per litre since the start of this month.

Diesel’s cost has similarly surged from ¢12.45 to ¢13.90 per litre. Goil has followed suit, with petrol now priced at ¢3.50 and diesel at ¢13.90 per litre.

Other Oil Marketing Companies (OMCs) are anticipated to make adjustments today, August 16, 2023.

The Chamber of Petroleum Consumers (COPEC) previously forewarned of a 5.7% surge in fuel prices during the second pricing window of August.

COPEC’s Executive Secretary, Duncan Amoah, attributed this change to an average 11% increase in international finished product prices for both petrol and diesel.

Furthermore, the cost of crude oil rose by 6.79%, from a mean of $80.67 to $86.15 per barrel. Despite a decrease in the forex or dollar exchange rate from an average of ¢11.7185 to ¢11.4538 (-2.26%) per $1, the retail outlook was influenced.

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The statement clarified that with the international price climbing from $898.55/MT to $965.58/MT (7.46%), the anticipated retail price of petrol would be around GH₵12.97/L.

As a result, petrol is projected to rise by 4.37% from the present mean pump retail price of GH₵12.40/L, settling between GH₵12.32/L and GH₵13.62/L within a ±5% margin of COPEC’s prediction.

Liquefied Petroleum Gas (LPG) is also affected, with the international benchmark price increasing by 29.27% from $423.75 per metric tonne to $547.79 per metric tonne.

The projected retail price for LPG is set at an average of ¢12.30 per kilogramme.

Accordingly, LPG is expected to be sold within the range of ¢11.69/kg to ¢12.92 per kilogramme, accounting for a ±5% margin of error.

Source: classfmonline.com