Ghanaian motorists are set to pay more at the pumps after some Oil Marketing Companies (OMCs) revised their fuel prices upward ahead of the next bi-weekly pricing window.
The latest adjustments come amid renewed volatility in the global oil market, where crude prices have climbed above 100 dollars per barrel, the highest level in months, following escalating tensions in the Middle East that have raised concerns over potential disruptions to supplies through the Strait of Hormuz and other critical shipping routes.
State-owned GOIL implemented its new prices on Thursday, with petrol now selling at GH¢14.38 per litre, while diesel has risen to GH¢17.41 per litre.
Star Oil has also increased its pump prices, raising petrol from GH¢13.97 to GH¢14.17 per litre. Diesel has similarly gone up from GH¢16.95 to GH¢17.37 per litre.
The upward adjustments mirror rising costs on the international market, where the prices of refined petroleum products have increased alongside higher freight and insurance charges linked to growing uncertainty in global shipping.
Market observers also point to the recent weakening of the Ghana cedi against the US dollar, coupled with taxes and levies within the country’s petroleum pricing framework, as additional factors contributing to the latest increases.
As uncertainty continues to cloud the global oil market, attention is now turning to the next pricing window, with many expecting additional adjustments if international crude prices remain high and the cedi weakens further.
