Ghana’s leading indigenous Oil Marketing Company, GOIL, has maintained the price of both petrol and diesel for the second pricing window effective today, June 16,2023.
This means that from today up to June 30, 2023, fuel consumers will still be buying a litre of petrol and diesel at Gh¢12.45.
Fuel prices are reviewed every two weeks in the West African nation.
During the first pricing window that is June 1, GOIL, Shell and TotalEnergies sold both petrol and diesel at Gh¢12.45 per litre.
NPA’s estimates for finished products for petrol had been between US$828 and US$ 826 per metric tonne while diesel prices had been between US$691 and US$697 per metric tonne for the past two weeks.
Crude oil prices had also been between US$69 and $75 per barrel for the past two weeks.
The exchange rate is one of the key determinants of setting fuel prices.
The local currency Cedi has depreciated against the major trading currency-dollar in the past two weeks.
Given this, Fuel prices should have been adjusted upward.
It is therefore not clear why GOIL Plc. maintained fuel prices for the second pricing.
But this portal can say however that GOIL may have absorbed the anticipated increases because the company takes some of its stock from government’s gold for oil programme.
Source: https://energynewsafrica.com
Discover more from Energy News Africa
Subscribe to get the latest posts sent to your email.