Some Oil Marketing Companies (OMCs) have begun raising fuel prices at the pump as of today morning, November 1, 2022.
Petrol and diesel prices have risen to an average of ¢18 and 23 per litre, respectively, from ¢15 and ¢19 previously.
Some major OMCs have already altered their pump prices for fuel products.
They blame the considerable spike in fuel prices to the cedi’s dramatic decline during the last two weeks.
Presently, the price of crude oil on the world market is relatively stable, selling at $94 per barrel.
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However, the fuel price has increased by more than 100% since the beginning of the year. Petrol and diesel were selling for around ¢7.5 per litre at the start of 2022.
The Institute for Energy Security (IES) had estimated that petrol and diesel prices would rise to ¢18 and ¢20 per litre by the middle of November 2022, respectively.
It also predicted that the price of Liquefied Petroleum Gas would rise further, despite a 1.43% drop in the product on the global market.
However, the most recent increase in petroleum product prices suggests that the new prices have arrived too soon.
SOURCE: myjoyonline
