Fuel pump prices have risen sharply in the first pricing window of August in Ghana, triggering widespread complaints from motorists on social media.
Oil Marketing Companies (OMCs) attributed the increases in pump prices to higher international refined petroleum prices, driven by renewed conflict in the Middle East, as well as domestic market pressures.
Major OMCs began adjusting their pump prices on Monday morning.
GOIL PLC, the market leader, revised its prices, with petrol (Regular) selling at GH¢15.99 per litre and diesel at GH¢19.26 per litre.
Star Oil, the country’s second-largest OMC, also reviewed its prices. Petrol (Regular) is now selling at GH¢15.57 per litre, petrol (RON 95) at GH¢17.77 per litre, and diesel at GH¢18.97 per litre.
TotalEnergies increased its prices, with petrol selling at GH¢16.29 per litre and diesel at GH¢19.49 per litre.
Shell also adjusted its pump prices, with petrol selling at GH¢16.29 per litre and diesel at GH¢19.49 per litre.
Zen revised its prices, with petrol selling at GH¢15.05 per litre and diesel at GH¢18.15 per litre.
Dukes Petroleum also revised its prices, with petrol selling at GH¢14.97 per litre and diesel at GH¢17.60 per litre.
IBM is selling petrol at GH¢15.99 per litre and diesel at GH¢19.20 per litre.
PETROSOL is selling petrol at GH¢14.98 per litre and diesel at GH¢17.98 per litre.
Other OMCs have signalled their intention to adjust pump prices before the close of business on Monday.
Data from the National Petroleum Authority (NPA), the regulator of Ghana’s downstream petroleum sector, showed that the international benchmark price of petrol rose to $1,092 per metric tonne from $970 per metric tonne, while diesel increased to $1,216.45 per metric tonne from $974.40 per metric tonne.
The Chamber of Oil Marketing Companies (COMAC), in its latest market outlook, explained that the recent fuel price increases were largely influenced by developments on the international market, particularly the sharp rise in crude oil prices and refined petroleum product costs.
According to the Chamber, the average crude oil price increased by 23.25 per cent during the review period, rising from US$71.90 to US$88.62 per barrel.
Refined petroleum products also recorded significant increases, with diesel registering the highest increase of 24.84 per cent, followed by petrol at 12.58 per cent and Liquefied Petroleum Gas (LPG) at 12.24 per cent.
The Chamber attributed the surge in crude oil prices to heightened geopolitical tensions, particularly uncertainty surrounding developments involving the United States and Iran, as well as concerns over possible disruptions to shipping through the Strait of Hormuz.
Beyond global market factors, COMAC identified the depreciation of the Ghana cedi as another major contributor to the higher fuel prices.
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