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Some OMC’s increase fuel prices to recover cost associated with cedi's depreciation

Some OMC’s increase fuel prices to recover cost associated with cedi's depreciation
Source: Ghana | JoyBusiness | JAD
Date: 25-03-2019 Time: 01:03:03:pm

Some of the major Oil Marketing Companies (OMC’s) have adjusted fuel prices at the pumps. 

The move, JoyBusiness understands is to help them recover cost associated with the importation of the petroleum products when the cedi was depreciating sharply against the dollar some two weeks ago.

Price changes at the pumps

Based on their reviews, a litre of Petroleum and Diesel is now going for GH¢5.24 at SHELL, TOTAL, PUMA and Allied as well as other major oil firms.
This actually represents about 1.15 per cent increase. 

Based on these adjustments, a gallon of fuel now is sold as these service stations that have reviewed their prices should be sold at around GH¢23.58 pesewas, compared to the GH¢23.45 that you were buying last week. 

According to the industry regulator, the National Petroleum Authority (NPA), most of these major oil marketing firms were trying to deal the huge cost of importing these products when the cedi was depreciating sharply against the dollar. 

Some of the players have told JoyBusiness they thought it was right for the consumers to take care of this cost, even though the cedi has started recovering strongly against the dollar.

GOIL keeps price unchanged at the pumps

Market leader GOIL has however kept its prices unchanged at the pumps.

Sources close to the company have argued that the cost incurred in importing these does not warrant an increase. 

This should mean that a litre of Petrol and Diesel is still being sold at their service stations around the country at GH¢5.18.

Developments in the petroleum sector

Prices of petroleum products have been fairly stable in the earlier part of this year, however, things changed last month when the Ghana cedi started to depreciate sharply against the dollar. 

It went up by about 4.13 per cent per litre for diesel and 2.89 per cent for petrol. But most of the Oil Marketing Companies then decided to sell a litre of petrol and diesel at GH¢5.18.

Outlook for petroleum prices  

Sources close to the National Petroleum Authority are forecasting some reduction in prices in the coming weeks.  

This is based on the cedi’s strong recovery. Some analysts have even projected that the Ghana cedi should hit the GH¢4 range this week.     

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