Some Oil Marketing Companies (OMCs) have started increasing prices of petroleum products at the pumps.

Shell has taken the lead, selling at litre of petrol at ₵15.10 and diesel for ₵15.25. Previously, Shell was selling a litre of petrol at ₵14.80 and diesel was going for ₵14.92. By this, petrol price has seen a 2 percent increase, while diesel recorded a 2.2 percent increase in price.

Another major OMC, Star Oil has increased the price of a litre of petrol to ₵13.93 and reduced the price of diesel to ₵14.70. Before the adjustment in prices, Star Oil was a selling a  litre of petrol for ₵13.88. and diesel at ₵14.79.

Some of the OMCs told JoyBusiness that the increase in prices is due to the rising prices of crude oil on the international market and the depreciating cedi.

• Read also: Brace for 4% increase in fuel prices starting July 16 – COPEC

The outlook for the price of petroleum products does not look favourable as the cedi is yet to show signs of stabilising against the dollar in the coming weeks.

COPEC analysis
Earlier, the Chamber of Petroleum Consumers (COPEC) forecasted a 4.0 percentage points hike in prices of petroleum products, effective Tuesday, July 16, 2024.

COPEC reported that the retail prices for petrol, diesel, and LPG are set to rise due to the cedi's depreciation against the dollar, shifting from $1:GHS15.2779 to $1:GHS15.462 (-1.205%).

Duncan Amoah, COPEC's Executive Secretary, outlined expected price changes: Petrol to GHS14.795/L, Diesel to GHS15.332/L, and LPG to GHS16.205/kg, with a 14.5 kg cylinder reaching GHS234.97.

COPEC urged the government to cut taxes or subsidise LPG to boost accessibility and protect the environment.