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.
Latest Stories
-
Paris 2024: Opening ceremony showcases grandiose celebration of French culture and diversity
3 hours -
Spectacular photos from the Paris 2024 opening ceremony
4 hours -
How decline of Indian vultures led to 500,000 human deaths
4 hours -
Paris 2024: Ghana rocks ‘fabulous fugu’ at olympics opening ceremony
4 hours -
Trust Hospital faces financial strain with rising debt levels – Auditor-General’s report
5 hours -
Electrochem lease: Allocate portions of land to Songor people – Resident demand
5 hours -
82 widows receive financial aid from Chayil Foundation
5 hours -
The silent struggles: Female journalists grapple with Ghana’s high cost of living
5 hours -
BoG yet to make any payment to Service Ghana Auto Group
5 hours -
‘Crushed Young’: The Multimedia Group, JL Properties surprise accident victim’s family with fully-furnished apartment
6 hours -
Asante Kotoko needs structure that would outlive any administration – Opoku Nti
6 hours -
JoyNews exposé on Customs officials demanding bribes airs on July 29
7 hours -
JoyNews Impact Maker Awardee ships first consignment of honey from Kwahu Afram Plains
8 hours -
Joint committee under fire over report on salt mining lease granted Electrochem
8 hours -
Life Lounge with Edem Knight-Tay: Don’t be beaten the third time
8 hours