Oil Marketing Companies (OMCs) have begun increasing the prices of petroleum products at the pumps. This is due to the fortnight review of petroleum prices that took off from today October 16, 2022.
The increment has become possible because of the slight increase in the price of crude oil on the world market during the period and the sharp depreciation of the cedi. Checks by Joy Business indicate that some OMCs are selling a price of petrol per liter for ¢13.10, from the previous price of ¢11.10, about a 16% increase. On the other hand, the price of diesel per liter has shot up to about ¢15.99, from the previous price of ¢13.90. This is about 12% surge.
Similarly, the price of Liquefied Petroleum Gas (LPG) is expected to go up by about 10%, beginning tomorrow October 17, 2022.. However, the variance in the prices of petroleum products at the pumps will vary among the OMCs. The Institute for Energy Security (IES) had projected that fuel prices were expected to go up at the pumps from Sunday, October 16, 2022.
This was due to the increases in price of the products on the international market, and the significant decline in the value of the local currency against the American greenback or US dollar. “The sharp rise in gasoline [petrol] and gasoil [diesel] prices on the global market may drive the price of domestic gasoline and gasoil rise higher, as against the rise in LPG [Liquefied Petroleum Gas] price.
Source: Joy Business
