Some Oil Market Companies have started increasing prices of petroleum products at the pumps.

Total Energies has increased the price of petrol to ¢13.50 from ¢12.45 at the beginning of the month.

Diesel is also going for ¢13.90 from the previous price of ¢12.45.

The rest of the OMCs are expected to also adjust prices today August 16, 2023.

Earlier, the Chamber of Petroleum Consumers (COPEC) announced that fuel prices will see an increase of about 5.7% in the second pricing window of August.

A statement signed by the Executive Secretary, Duncan Amoah, said the change is as a result of increased in prices of finished products on the international market by averagely around 11% for both petrol and diesel.

It added that crude price has also been increased by 6.79% from the mean price of $80.67/barrel to $86.15/barrel even though the forex or Dollar exchange rate has relatively decreased from a previous average of ¢11.7185 to ¢11.4538 (-2.26%) per $1.

Petrol

The statement explained with the international price increasing from $898.55/MT to $965.58/MT (7.46%), the retail price works up to GH₵12.97/L

Thus, Petrol is expected to increase by 4.37% of the current mean Pump retail price of GH₵12.40/L, to close selling between GH₵12.32/L and GH₵13.62/L within ±5% of COPEC’s prediction.

LPG

With the international benchmark price increasing from $423.75 metric tonne to $547.79 metric tonne (29.27%), the projected retail price of LPG is expected to be selling averagely at ¢12.30 per kilogramme.

Thus, within ±5% error, LPG is expected to be sold between ¢11.69/kg and ¢12.92 per kilogramme.

Source: myjoyonline.com