The Oil Marketing Companies (OMCs) have confirmed the increase in fuel prices of between 3 to 4 percent.

The Chairman of the Governing Council of the OMCs, Jonny Blagogie, told Accra-based 3FM that the increment took effect on Tuesday (January 15, 2018).

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“We have made some adjustments between 3% and 4%. The pricing window took effect [on Tuesday].”

He further revealed that the fuel diversions have reduced drastically following the introduction of a tracking system.

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His comment comes after the Ministry for Fisheries and Aquaculture Development announced that it has terminated the contracts of about 25 OMCs involved in the distribution of premix oil across the country.

According to the Ministry, the companies were found guilty of diversion hence the decision to stop them from distributing the product.

But Mr Blagogie said the “diversions have reduced drastically due to the tracking devises.”