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

Goil has taken the lead, selling at litre of diesel and petrol at ¢12.45 from its previous price of ¢12.30 a litre.

The increase is in line with the biweekly review of prices at the pumps.

The latest increase, according to some stakeholders is due to the cedi’s performance and the price of crude oil on the international market.

It is expected that more OMCs will also adjust prices of petroleum products upward later today, June 1, 2023.

IES prediction

Earlier, the Institute for Energy Security (IES), predicted that prices of petrol and diesel may remain unchanged.

The institute however predicted that the price of Liquefied Petroleum Gas (LPG) may decline by about 5% during the same period.

 “The Institute for Energy Security’s (IES’) review of prices over the past two weeks as monitored by Global Standard & Poor (S&P) Platts platform indicate the prices of Gasoline [ptrol] and Gasoil [diesel] have increased at 4.20% and 2.70% respectively whereas Liquefied Petroleum Gas (LPG) decreased by 5.80%”.

“The Ghana cedi also gained 5.42% against the U.S dollar over the two weeks trading period on domestic forex market”, it added.