- OMCs attribute the price hike to two main factors
- The cost of refined petroleum products
- The cedi has depreciated against the US dollar
Several Oil Marketing Companies (OMCs) in Ghana have raised prices for diesel and petrol. GOIL and Shell are the latest, starting today, July 2nd, 2024.
They are selling petrol for ₵14.80 per liter and diesel for ₵14.92 per liter. Star Oil began the increase yesterday, with diesel at ₵14.79 and petrol at ₵13.88 per liter.
Reasons for the Increase
OMCs attribute the price hike to two main factors:
- Weakening Cedi: The Ghanaian cedi has depreciated against the US dollar. This makes it more expensive to import fuel.
- Rising Global Prices: The cost of refined petroleum products has also increased on the international market.
COPEC’s Predictions and Recommendations
The Chamber of Petroleum Consumers (COPEC) had earlier predicted this rise in fuel prices. They attributed it to the cedi depreciation and projected even higher prices:
- Petrol: Increase of 2.17% to ₵15.20 per liter
- Diesel: Increase to ₵15.21 per liter
- LPG: Increase to between ₵13.24 and ₵14.64 per kilogram
COPEC urged the government to:
- Reduce taxes or subsidize LPG to make it more affordable and encourage its use. This could help reduce reliance on firewood and protect the environment.
- Expedite efforts to bring the Tema Oil Refinery (TOR) back into operation.
