Ghana: Petrol Prices Go Up But Diesel Prices Dropped

Fuel prices have been adjusted at the pumps by some oil marketing companies in the Republic of Ghana.

As of Tuesday morning 4th October 2022, major OMCs like GOIL and TotalEnergies had adjusted their petrol prices upward to Gh¢11.10 per litre from Gh¢10.95 per litre from the last pricing window which ended on 30th September.

Interestingly, they both reviewed the price of diesel (gasoil) downward to Gh¢13.99 per litre from Gh¢14.50 per litre from the previous window.

Petrosol, one of the leading indigenous OMCs, also adjusted its prices at the pump, with petrol going up to Gh¢10.99 per litre from Gh¢10.85 per litre while diesel dropped to Gh¢13.90 per litre from Gh¢14.43 per litre.

Other OMCs will likely review their pump prices within the week.

Last week, the Institute for Energy Security (IES) projected a rise in petrol while forecasting that diesel prices may remain stable.

“The Cedi depreciation of 4.26% is enough to force prices of petrol and LPG to move upward in significant terms, irrespective of the marginal drop (1.59%) and the marginal increase (0.59%) in the price of petrol and LPG on the world fuel market.

“The Institute for Energy Security (IES) projects some stability in the current price of diesel despite the 8.41% fall in the price of the product on the international market, as a result of the 4.26% decline in the value of the local currency against the US dollars,’’ IES said in a statement signed by Fritz Moses, Research Analyst.

Source: https://energynewsafrica.com