Petroleum prices have risen at the pumps on Monday, April 17, 2023.
This is the first increase since the much-touted ‘Gold for Oil’ policy was implemented.
Leading Oil Marketing Companies (OMCs) GOIL, Total, and Shell have all raised their fuel and diesel prices.
GOIL charges 13.10 cents per litre for gasoline and 12.99 cents for diesel. Shell also charges 13.10 cents per litre for gasoline, while diesel costs 12.99 cents.
Total, on the other hand, sells both fuel and diesel at 13.20 per litre, while Star Oil sells both petrol and diesel at 12.69 per litre.
Other OMCs are expected to follow suit by raising the price of gasoline at the pump.
Petrol prices have risen by a little more than 5.5%, while diesel prices have risen by roughly 1.16%.
The present increase in petroleum product prices is being affected by a large increase in the price of crude oil and finished petroleum products on the global market.
Some energy think tanks predicted that the price of gasoline would rise, while diesel and Liquefied Petroleum Gas would fall.
The Chamber of Petroleum Consumers (COPEC) forecasted a 2.01% increase in retail gasoline prices beginning April 16, 2023.
COPEC’s prediction is predicated on an increase in worldwide benchmark pricing from $772.75 per metric tonne to $900.20 per metric tonne, a 16.49% increase. This brings the retail price of gasoline to $12.41 per liter.
The Institute for Energy Security (IES) also predicted that domestic fuel costs will rise slightly for petrol and fall somewhat for diesel and LPG.
“Based on observed international market performance and the domestic performance of the Ghana cedi, the IES expects domestic gasoil [diesel] and LPG prices to fall between 5% and 9% in the coming weeks, while domestic gasoline [petrol] prices to rise by roughly 8%.”
Source: myjoyonline.com