Some Oil Marketing Companies (OMCs) have increased the prices of their products following the recent increase in crude oil prices and other price hikes on the international market.

The 0.95% and 1.01% marginal increment in the prices of Gasoil and Gasoline respectively on the have contributed to the change in the price of the commodity.

Recently, The Institute for Energy Security (IES) predicted the possible instability fuel price on the local market.

In a press statement earlier this week, the Institute predicted that OMCs are likely to increase the prices of petroleum products.

“Taking into consideration the two% increment in prices of Crude, coupled with the 0.95% and 1.01% marginal increment in the prices of Gasoil and Gasoline respectively on the international market; the Institute foresees prices of fuel on the local market losing stability,” the statement said.

Following the change, petroleum companies like Total have adjusted the cost of their fuel to ¢5.50 from ¢5.41 per litre.

However, state-owned OMC, Goil, is yet to make any price change.

In October, the National Petroleum Authority stated that the prices of petroleum products were likely to be reduced in the next pricing window as a result of the appreciation for the Ghana cedi against the US dollar and decrease in the price of petroleum products on the world market.