Fuel prices have recently gone up due to price hikes implemented by Oil Marketing Companies (OMCs).
Petrol and diesel prices are now selling at ¢13.10 and ¢15.99 per liter respectively.
This is because, as of today, October 16, 2022, there has been a fortnight review of petroleum pricing.
The severe devaluation of the cedi against other currencies and a moderate increase in the price of crude oil on global markets throughout the period made the increase conceivable.
According to research, the price of petrol at some OMCs has risen to ¢13.10 per liter from ¢11.10, a rise of almost 16%.
However, diesel has increased in price from roughly ¢13.90 per liter to almost ¢15.99. About a 12% increase.
As a result, the cost of Liquefied Petroleum Gas (LPG) is also anticipated to increase by almost 10% as of tomorrow, October 17, 2022.
However, gas stations may charge wildly different amounts for the same brand of petroleum products depending on whatever OMC you choose.
Background
The Institute for Energy Security (IES) had projected that from Sunday, October 16, 2022, consumers may pay more for fuel prices at the pump.
This was because of the steep drops in the value of the local currency relative to the US dollar and the resulting price hikes for the exported goods.
Due to this, Petrol and diesel prices now ¢13.10 and ¢15.99 per liter respectively.
