Fuel prices have been increased in the Republic of Ghana, bringing more hardships to the already suffering consumers in the West African nation due to the Covid-19 pandemic.
As of last night, September 30, 2021, the leading indigenous oil marketing company, GOIL, reviewed its prices upward from GHS 6.38 per litre for both petrol and diesel to GHS 6.50, representing GHp12.
Major OMCs like Shell and Total Energies reviewed their fuel prices upward Thursday evening.
Both Shell and Total Energies retail outlets are now selling fuel at GHS6.52 per litre of petrol and diesel.
It is expected that other Oil Marketing Companies will adjust their pump prices effective today, October 1, 2021, as it is the beginning of the first pricing window.
Brent crude oil, which is the global benchmark, traded at $80 per barrel on Tuesday, September 28, 2021, first time in three years, according to oilprice.com.
It, however, slumped to $78.50 on Wednesday, following a supply inventory of 4.127 million barrels as reported by the American Petroleum Institute.
As of Friday morning, Brent crude was selling at $78.46 per barrel while WTI was trading at $75.12.
Some analysts are predicting a consistent rise in fuel prices on the local market between now and December.