From this morning, November 1, 2022, some Oil Marketing Companies (OMCs) have begun raising the price of petrol at the pump.
The average price of petrol and diesel has increased from the previous prices of 15 and 19 cedis per litre, respectively, to 18 and 23 cedis.
Leading OMCs have already changed their pump prices for petroleum products.
They blame the steep depreciation of the cedi over the previous two weeks for the huge spike in petrol prices.
Currently selling for $94 per barrel on the international market, crude oil prices are largely stable.
But since the start of the year, the cost of petrol has increased by more than 100%. Beginning in 2022, the cost of petrol and diesel was roughly 7.5 cedis per litre.
By the middle of November 2022, petrol and diesel prices are anticipated to increase, even more, reaching 18 cedis and 20 cedis per litre, respectively, according to the Institute for Energy Security (IES).
Liquefied petroleum gas prices were also forecast to rise even though the commodity’s price fell by 1.43% globally.
However, the most recent increase in petroleum product prices suggests that the new prices are too early.
