Some Oil Marketing Companies (OMCs) have becoming increasing the prices of petroleum products at the pumps.
The marginal increase is due to the depreciation of the cedi and the slight increase in the price of crude oil. It is the first in about a month.
Now, the price of petrol per litre is going for about ¢13.90, from ¢12.40, whilst that of diesel is selling at about ¢15.60 per litre, from about ¢13.70.
The prices are, however, slightly lower at some OMCs.
It is unclear whether the price of Liquefied Petroleum Gas (LPG) will go up or remain stable.
The Institute for Energy security had reported earlier that barring any government intervention, fuel prices will go up between 5% and 9% per litre from January 16, 2023, at the pumps.
According to the IES, the expected surge in fuel prices is a result of the rise in the prices of petroleum products on the international market and the depreciation of the cedi.
“Following the 8.69% rise in the price of gasoline [petrol] and 2.19% in the price of LPG [liquefied Petroleum Gas], together with the 9.89% depreciation of the local currency against the US dollar, the Institute for Energy Security (IES) projects a rise in price for products at the various pumps”.