Fuel prices up by 29 pesewas effective today

Prices of petroleum products are expected to increase from today, May 2, in-accordance with the upward review of prices at the pumps.

A pump attendant fills a car with fuel.

According to information picked up from Bulk Oil Distributors, diesel is expected to witness the highest jump in price going up by some 29 pesewas per liter.

This should mean that a liter of diesel will be sold at around GHS 10.94p.

Petrol on the other hand, will go up by 4p which means that a liter of petrol may be sold at around GHS 9.39p from next week.

According to the oil marketing companies, the increment can be attributed to developments from the international market that has seen prices of finished petroleum products go up marginally as well as supply issues with diesel on the local market.

The price increment in fuel was anticipated by the Chamber of Petroleum Consumers (COPEC).

COPEC noted that prices of petrol and diesel will go up marginally, while Liquefied Petroleum Gas (LPG) will go down.

COPEC projected that petrol will sell at GHS 9.538 per liter, about 0.4% increase, whilst diesel will go for GHS 10.829 per liter (3% increase) during the next pricing window.

On the other hand, Liquefied Petroleum Gas (LPG) is likely to be sold at about GHS 10.093 per kilogramme, showing a reduction of about 21 pesewas (2%) over that of the previous window

Meanwhile, some industry watchers are still questioning the current price codes of oil marketing companies because a closer look at some indicators reveal that prices of fuel should have rather witnessed some marginal decline from this week.

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