Fuel companies increase pump price

Several Oil Marketing Companies (OMCs) have raised the prices of petroleum products at their service stations across the country.

Allied Oil was the first to implement the new prices on October 16, 2024, now selling petrol at GH₵12.73 per litre and diesel at GH₵13.73. This marks a slight increase from the rates listed at the beginning of the month.

Shell followed suit, raising the price of a litre of petrol to GH₵14.72, reflecting a 7% jump from the first pricing window in October. Diesel prices at Shell have also gone up by 4.45%, with a litre now costing GH₵14.99.

On October 17, 2024, GOIL, the market leader, also adjusted its prices. Petrol increased by 7.89%, now selling at GH₵14.49 per litre, while diesel saw a 4% rise, priced at GH₵14.90.

Star Oil, the second-largest OMC, has also raised its prices. A litre of petrol now costs GH₵13.99, marking a 7% increase, while diesel is up by 3.42%, selling at GH₵14.19.

According to JOYBUSINESS, more OMCs are expected to revise their prices in the coming days. Petrol has experienced the highest price hike, with increases of over 7%, while diesel prices have risen by more than 4%.

OMCs have attributed these price hikes to the rising cost of crude oil on the global market, as well as challenges with the depreciation of the cedi, which have influenced the price adjustments.

Price Outlook

Despite these increases, Brent crude prices on the international market have dropped recently, selling at $73 to $99 per barrel on October 17, 2024, a significant decrease from over $80 per barrel just weeks ago.

Energy expert Benjamin Nsiah told JOYBUSINESS that he anticipates prices could remain steady or see slight reductions next month due to this recent drop in crude oil prices.