Some Oil Marketing Companies (OMCs) have begun raising petroleum product prices at the pump. Shell now charges ₵15.10 per litre for petrol and ₵15.25 for diesel.
Some OMCs informed JoyBusiness that the price hike is due to growing crude oil prices on the international market and the cedi’s declining value.
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The forecast for petroleum product prices does not appear promising, since the cedi has yet to show indications of stabilizing versus the dollar in the coming weeks.
COPEC Analysis
Earlier, the Chamber of Petroleum Consumers (COPEC) predicted a 4.0 percentage point increase in petroleum product prices beginning Tuesday, July 16, 2024.
According to COPEC, retail prices for petrol, diesel, and LPG are expected to climb as the cedi depreciates against the dollar, moving from $1:GHS15.2779 to $1:GHS15.462 (-1.205%).
Duncan Amoah, COPEC’s Executive Secretary, detailed the projected price changes: petrol to GHS14.795/L, diesel to GHS15.332/L, and LPG to GHS16.205/kg, with a 14.5 kilogram cylinder costing GHS234.97.
COPEC recommended the government to reduce tariffs or subsidize LPG to increase accessibility and safeguard the environment.
