More Oil Marketing Companies (OMCs) have increased prices of petroleum products at their various service stations in the country.

Allied Oil took the lead on October 16, 2024 selling a litre of petrol at GH₵12.73 while diesel is going for GH₵13.73. This represents a marginal increase compared to the prices quoted on October 1, 2024. 

Shell has also increased prices of its products selling a liter of petrol at GH₵14.72, representing about 7 percent jump from the first pricing window of October 2024.

Diesel has however gone up by 4.45 percent and it is selling at GH₵14.99 pesewas per litre.

Market leader Goil on Thursday October 17, 2024 also announced an increase in prices.

Goil increased the price of petrol by 7.89 percent, selling at GH₵14.49. Diesel is selling at GH₵14.90, representing more than 4 percent increase compared to earlier prices on October 9, 2024.

The second biggest oil marketing firm, Star Oil has increased its prices, selling a litre of petrol at GH₵13.99, representing more than 7 percent increase from its old price.  Diesel has also gone up by 3.42 percent, selling at GH₵14.19.

JOYBUSINESS understands that more OMCs are expected to review their prices in the coming days

Reasons for adjustments

A careful look at the numbers showed that petrol witnessed the highest increase in prices, based on the adjustments that has been done by some of the major oil marketing firms.

Petrol had gone up by more than 7 percent, while diesel witnessed more than 4 percent per litre.

Some of the OMCs have linked the increase to rising prices of crude oil on the international market and finished petroleum products. They also cite recent challenges with the cedi as a major contributing factor for the price adjustments.

Outlook for prices

Over the past two days, prices of crude oil on the international market has been dropping. Brent Crude was selling at US$73 to $99 on October 17, 2024 representing a significant drop from the over $80 a barrel some weeks ago.

Energy Expert Benjamin Nsiah has told JOYBUSINESS that he expect prices to “stay flat” or go down marginally from next month.