Fuel Prices In Ghana Today

According to the Bulk Oil Distribution Companies (BDC’s) Petrol to go up by 13% per liter and Diesel to go up by 11.14% per liter respectively in the next pricing window this month.

This increment is to take effect from Thursday, June 16. Thus the average price of fuel is likely to increase by about GH¢1.33 per litre.

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Fuel Prices In Ghana Today

• Petrol at various fuel pumps is currently selling at about GH¢10.10 per liter, whereas diesel is selling at GH¢12.20. However should the speculated increment take effect, that will make the price of petrol to sell at GH¢11.34 per liter while the price of diesel to sell at GH¢13.63 per liter
• Petrol prices are therefore projected to go up by GH¢1.24 per liter which is an 11.41% increase and that of Diesel by GH¢1.43 per liter amounting to a 12.93% increase.
• The BDCs may negotiate with the OMCs to reduce the margin for the increment but any increment in fuel prices may force commercial transport operators to increase transport fares as well.
• Earlier this month petrol and diesel prices crossed the GH¢10 and GH¢12 per litre mark. In effect, there will be a likely increment in transport fares after an earlier increment by 20 percent.

Reasons For Fuel Price Increment

• This is attributed to the increasing cost of refinery
• In a press release by the Chamber of Petroleum Consumers Ghana (COPEC), COPEC explained what is accounting for the price hikes with the following statement:
• “Current Crude prices are at $124.96/barrel, resulting in processed Petroleum Products of $1,451.25/MT of petrol and $1,289.97/MT for diesel, coupled with further depreciation of the exchange rate of $1:GH¢8.0483 and the government’s applicable tax rebate of 15 pesewas per litre still in place till the end of June 2022”.

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