Total, Shell (Vivo), Sel and Puma presently sell the highest-priced fuel in the downstream petroleum industry.

According to the Institute for Energy Security, Benab Oil, Goodness Oil, Star Oil, Zen Petroleum, and Reliance were OMCs with the least-priced fuel on the local market.

This follows about 7% increase in price of petroleum products.

In the first pricing window of February 2022, prices of fuel at local pumps increased significantly, rising above the ¢7.00 per litre mark for all major Oil Marketing Companies (OMCs), as predicted by the IEA. The increment was driven by rising international oil market prices, and the re-introduction of the Price Stabilization and Recovery Levy (PSRL) in the petroleum price build-up (PBU).

Within the period under review, prices of petrol and diesel rose on average by 5.15% and 6.08% respectively, thus bringing the national average price for petrol and diesel to ¢7.34 per litre and Gh¢7.36 per litre respectively.

Fuel prices to go up by 4%.

Meanwhile, Fuel prices are expected to go up by a little above 4.0% from Wednesday, 16^th February, 2022, the IES forecast.

“For the rest of February 2022, the Institute for Energy Security (IES) anticipates another jump in the prices of Liquefied Petroleum Gas (LPG), diesel, and petrol at the pump to bite consumers, coming on the back of a 4.47% increase in the price of Brent crude, a 4.63% rise in LPG price, a 7.17% increase in the price of petrol, and a 7.43% jump in diesel; “all on the international oil and fuel markets, it said in its latest assessment of crude oil pricing.

It said further depreciation of the cedi against the US dollar adds on to the factors expected to push up the prices of liquid and gaseous fuels in the country.

World Oil Market

The price of international benchmark Brent rose within the period, pushing prices to an average of US$91.06 per barrel, representing an increment of 4.47 percent from the previous window’s average price of US$87.16 per barrel.