Ghana: Petrol, Diesel Prices Shoot Up By 50 Pesewas

Oil Marketing Companies (OMCs) in the Republic of Ghana have reviewed their pump prices upward in response to the exchange rate volatility and rising crude oil prices on the international market.

As of Monday, August 1, 2023, leading oil marketing companies— GOIL Plc, Shell and  TotalEnergies—adjusted their pump prices upward from Gh¢12.40 and Gh¢12.45 per litre to Gh¢12.95 for both petrol and diesel.

During the second pricing window in July, GOIL Plc. and Shell both sold petrol and diesel at Gh¢12.40 and Gh¢12.45 per litre respectively while TotalEnergies sold both petrol and diesel at Gh¢12.45 per litre.

Per the adjustment, it means a litre of petrol has gone up by 55 pesewas while diesel saw a 50 pesewas increment.

Star Oil has also reviewed its pump prices and is selling petrol at Gh¢11.99 per litre while diesel is selling at Gh¢12.25 per litre.

Petrosol Ghana Limited, one of the top ten OMCs, has also adjusted its pump prices and is selling petrol at Gh¢12.65 per litre while diesel is sold at Gh¢12.69 per litre.

It previously sold both petrol and diesel at Gh¢12.19 per litre.

Allied Oil is selling petrol at Gh¢11.95 per litre while diesel is sold at Gh¢11.99 per litre.

Previously, Allied Oil sold petrol at Gh¢11.40 per litre while diesel was sold at Gh¢11.55 per litre.

Dukes is selling both petrol and diesel at Gh¢11.89 per litre.

Engen is selling both petrol and diesel at Gh¢12.70 per litre.

Previously, it sold both petrol and diesel at Gh¢ 12.15  per litre.

Unlike in other parts of Africa where fuel prices are reviewed monthly, in Ghana, fuel prices are reviewed every two weeks.

During the second pricing window in July, the crude oil price was hovering around $80 per barrel.

However, crude prices hovered around US$85 per barrel at the close of the second window on July 31.

Data from the regulator, National Petroleum Authority (NPA), also showed prices of finished products—diesel and petrol—jumped on the international market within two weeks.

Petrol went up to $898.55  per metric tonnes while diesel went up to$786.73 per metric tonnes.

Source: https://energynewsafrica.com