Some Oil Marketing Companies (OMCs) have started increasing prices of petroleum products at the pumps from today, February 2, 2024.

Market Leader, GOIL is selling a litre of diesel at ¢13.49, whilst petrol is going for ¢12.69 per litre.

This represents some marginal increase from the prices quoted some four weeks ago.

Joy Business understands that other OMCs are in the process of adjusting prices upwards at the pumps in the coming hours.

The increase can be attributed to recent depreciation of the cedi and the rising prices of crude oil on the international market.

NPA on the Price Increase

The National Petroleum Authority (NPA) has also disclosed that the increase in prices at the pumps will cut across all the players in the Industry.

There have been projections that the adjustment may see some few Oil Marketing Companies increase their prices at the pumps.

The review is in line with adjustments at the pumps every two weeks influenced by developments on the world market, price of crude oil, and performance of the local currency.

IES predicts 2% increase in prices of petrol and LPG

The Institute for Energy Securities had earlier predicted a 2% increase in the prices of petrol and Liquified Petroleum Gas and a 3% increase in the price of diesel.

“In the coming days, consumers going to the pumps are likely to see the following changes: an increase in the price of Gasoline [petrol] by 2%, 3% increase in price Gasoil [diesel] and 2% increase in LPG price largely as a combined effect of the Ghana cedi depreciation and the international market price rise for the products”.