Fuel prices to go up by about 2% effective July 1

This is due to the fact that crude oil price on the world market has shot up, even though the Cedi is relatively stable to the US dollar.

According to a report by Joy Business, the increasing price of crude on the international market has culminated in a new price list from the Bulk oil Distribution Companies (BDCs) to the Oil Marketing Companies (OMCs), beginning Thursday.

Data from the BDCs shows a litre of diesel and petrol would be increased by just under 2%. This means a litre of petrol will be sold at ¢6.33. A gallon will also be sold at ¢28.48 for both petrol and diesel.

The OMCs may decide to absorb the expected price increment, in which case motorists or Ghanaians will not have to pay more for fuel.

However, projections are that the price of fuel is expected to go up in the coming months if government does not provide any subsidy.

The present price buildup of fuel is determined by the deregulation policy in 2015.