Some Oil Marketing Companies (OMCs) have begun to increase the retail cost of petroleum products.
The minor rise is attributable to the cedi’s devaluation and a modest increase in crude oil prices. It’s the first in almost a month.
Petrol now costs around ¢13.90 per litre, up from ¢12.40, while diesel costs around ¢15.60 per litre, up from ¢13.70.
However, certain OMCs have somewhat cheaper pricing.
It is unclear whether Liquefied Petroleum Gas (LPG) prices will rise or remain unchanged.
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The Institute for Energy Security previously estimated that, barring government intervention, fuel prices at the pump will rise by 5% to 9% beginning January 16, 2023.
Unless the government intervenes, fuel prices will rise by 5% to 9%.
According to the IES, the predicted increase in fuel prices is due to an increase in the price of petroleum products on the worldwide market as well as the cedi’s depreciation.
“Following the 8.69% rise in the price of gasoline [petrol] and 2.19% in the price of LPG [liquefied Petroleum Gas], together with the 9.89% depreciation of the local currency against the US dollar, the Institute for Energy Security (IES) projects a rise in price for products at the various pumps”.
SOURCE: BBCNEWS
