Fuel prices shoot up after COPEC prediction

Some oil marketing companies (OMCs) have begun upwardly adjusting fuel prices at the pump following the commencement of the first pricing window in July.

This, according to energy Think Tanks such as the Chamber of Petroleum Consumers and Institute for Energy Security, is attributable to the rising cost of refined petroleum products on the international market and the depreciation of the Cedi.

In line with this development, some oil marketing companies such as Star Oil, have begun increasing their prices. Currently, a litre of petrol is selling at GHȼ13.83, up from GHȼ13.66 in the second pricing window of June, while diesel is selling at GHȼ14.79, up from GHȼ13.97 in the second pricing window of June.

Shell is selling a litre of petrol at GHȼ14.80 while a litre of diesel is being sold at GHȼ14.92. Previously petrol was selling at GH14.60 per litre while diesel was going for GH14.75 per litre in the second pricing of June.

Major market leaders, such as state-owned GOIL and Total Energies, are yet to announce a price increment.

GOIL, for instance, is selling a liter of petrol at GH₵14.80, while a liter of Diesel XP is sold to consumers at GH₵14.92 per liter.

Total Energies, meanwhile, has consistently retained its price for petrol at GH¢14.85 and diesel at GH₵14.95 in at least the preceding two pricing windows.