OMCs To Increase Petrol Price By 4% This Week

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Photo taken on April 9, 2020 shows pump nozzles at a gas station in Brussels, Belgium. The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, known as OPEC+, reached on Thursday a tentative agreement to cut production to stop a market free-fall amid the coronavirus pandemic, pending the consent of Mexico. (Xinhua/Zhang Cheng)
(Xinhua/Zhang Cheng)

Oil Marketing Companies are likely to sell a litre of petrol for about GHS 12.00 starting today, Wednesday June 1, 2022.

The increase at the pumps represent a surge from five to nine per cent, compared to the last pricing window, which ended on May 31, 2022.

Diesel and Liquefied Petroleum Gas (LPG) prices will, however, remain stable, a projection by the Institute for Energy Security (IES) indicates.

The IES said the 5.49 and 4.13 percentage drops in the prices of petrol and LPG respectively on the international market may not necessarily lead to a reduction at local retail outlets as most marketers would look to maintain their prices to offset the losses from the depreciation of the Cedi.

“On the back of the Cedi’s depreciation and the 11.05 per cent jump in the price of Gasoline on the international fuel market, Gasoline in Ghana is set to sell above Gh¢10.00 per litre, which translates into Gh¢45 per gallon,” it said.

Currently, a litre of petrol and diesel are selling at GHS 9.85 and GHS 11.95 respectively at the pumps.

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