Scary! Fuel prices up again by about 11%

According to a news report by Joy Business, a litre of diesel is expected to go up by 11.14%, while petrol will sell at 13%.

Data from the Bulk Oil Distribution Companies further indicate that even though crude oil price has been stable on the world market, the cost of refining the products is going up.

This situation means that Oil Marketing Companies (OMCs) are likely to increase fuel prices on the market.

However, from what happened during the last pricing window, some OMCs had to renegotiate with the BDCs to reduce their prices.

This situation may occur again and therefore the margin of increment will reduce.

Meanwhile, any increment in fuel prices could force commercial transport operators to increase their fares, and this consequently will lead to an increase rate of inflation and cost of living.

Petrol is currently being sold on the market for about ¢10.10 per litre, whereas diesel is going for ¢12.20.

In a related development, the Ghana Oil Company (GOIL) has supported the 2022 edition of the Green Ghana Project with an amount of GHS500,000.

The donation was made by a GOIL delegation led by the Group CEO, Mr. Kwame Osei Prempeh to the Deputy Minister for Lands and Natural Resources, Benito Owusu-Bio who is also the Chairman of the National Green Ghana Planning Committee at the premise of the Ministry on Tuesday, June 14, 2022.

Disclosing the rationale behind the donation, Mr. Prempeh said the company is ready to be part of anything that moves the nation forward and government's reforestation programme, the Green Ghana initiative is one such that needs to be supported.

"Our trade is selling fuel, and we know that fuel pollutes the environment so planting trees will help to absorb the carbon dioxide and make our oxygen cleaner so we can have a healthy life," he said.

He stated that GOIL, as an indigenous Ghanaian business is not unaware of the huge benefit of the Green Ghana project to the sustainability of the environment.

Rehashing the old saying that “when the last tree dies, the last man also dies”, Mr. Prempeh hammered on the importance of tree planting and said his outfit deems necessary to support an exercise that in the long term will safeguard the environment and human lives.