Price of diesel is expected to go up marginally from the beginning of October, 2021, the Institute for Energy Security projection indicates.
However, price of petrol is expected to remain same, though some petroleum products including Liquefied Petroleum Gas will also go up.
“For the first Pricing-Window of October 2021, the 4.57% increase in the price of the International Benchmark- Brent crude, the 2.07% increase in price of Gasoline, the 10.28% increase in Gasoil price, the 0.63% depreciation of the local currency against the US dollar; the Institute for Energy Security (IES) projects for price of gasoil to increase and price of gasoline to remain stable on the domestic market at the various pumps as we enter October.”
Meanwhile, some Oil Marketing Companies (OMCs) have started adjusting their fuel prices upwards at the pumps.
One of the market leaders, Shell has taken the lead and it’s now selling a liter of petrol and diesel at ¢6.52.
Sources say the increase has been influenced by rising prices of finished petroleum products on the international market.
Joy Business is also learning that Shell decided to review its prices this time around because it did not adjust prices during the last pricing window, though its competitor, Total did that.
The other major OMCs could follow by adjusting prices in the coming days.
Again, the IES said within the second pricing-window of September 2021, prices of petroleum products saw marginal increment in the local market.
“The local Oil Marketing Companies (OMCs), increased their price of petroleum products between 1% and 2% at the various pumps. The increase was in response to the increase in prices on the international market and the depreciation of the local currency against the US dollar.”
The current national average price of fuel per litre at the pump, it pointed out, is pegged at ¢6.18 for both petrol and diesel.
Meanwhile, the IES Market-Scan picked Benab Oil, Top Oil, Zen Petroleum, Cash Oil and Goodness Oil as the OMCs with the least-priced fuel on the local market for the window under assessment.
Latest Stories
-
World Cup 2022: Tournament set to start one day early with Qatar v Ecuador
24 mins -
Inflation rises further to 31.7% in July 2022; transport one of major drivers
26 mins -
Police on manhunt for Kenyan MP who shot dead rival aide at voting day
59 mins -
South Africa sex crime: ‘We want our bodies to be secure 24/7’
1 hour -
Ada Traditional Council justifies decision to prevent Radio Ada from covering Asafotufiam festival
1 hour -
Ghana Card will save SSNIT $126 million – SSNIT boss
2 hours -
Policeman, KNUST student who allegedly gang-raped girl denied bail again
2 hours -
Abandoned market project forces Mamponteng traders to ply ware under high-tension lines
2 hours -
2 suspected robbers arrested at Kakiase in Savannah Region
3 hours -
Frederick Ansah Botchway accuses Hearts of unfairness in emotional farewell
3 hours -
Abyna-Ansaa Adjei: Let’s stick to historical facts
3 hours -
Elon Musk sells $6.9bn of Tesla shares as Twitter lawsuit looms
3 hours -
7 ways to rekindle the chemistry in your relationship
3 hours -
Ukraine conflict: Ban Russian visitors, Zelensky urges West
3 hours -
Single father caters for son with cerebral palsy after mother abandoned them
3 hours