In a latest development, the Chamber of Petroleum Consumers (COPEC) has predicted a marginal increase in fuel prices, of approximately 5.7% during the second pricing window of August.
According to Duncan Amoah, the Executive Secretary of COPEC, this adjustment is imminent due to the ever-fluctuating dynamics of the global market, with finished products witnessing an average price escalation of 11% for both petrol and diesel.
In addition to this, the cost of crude oil has surged by 6.79%, escalating from a mean price of $80.67/barrel to $86.15/barrel. This change comes in the backdrop of a slight 2.26% dip in the forex or Dollar exchange rate, which has lowered from an average of ¢11.7185 to ¢11.4538 per $1.
In light of this, several Oil Market Companies (OMCs) in the country have initiated a series of price increases for petroleum products at retail pumps, signaling a shift in market dynamics.
Notably, TotalEnergies has increased the price of petrol from ¢12.45 to ¢13.50, while diesel has risen to ¢13.90 from its previous mark of ¢12.45 at the start of the month.
Additional price changes are expected across the industry. This coordinated effort by Oil Marketing Companies (OMCs) highlights how the petroleum industry’s price environment is changing.