Fuel Prices Surge as OMCs Adjust to Global Trends
Market analysts have attributed the price hike to a mix of international and local factors
Several Oil Marketing Companies (OMCs) in Ghana have begun increasing fuel prices at the pumps as the first pricing window of October opens. This marks a shift after four consecutive declines in fuel prices since the first window in August.
Read full articleShell, a major player in the market, has raised its petrol price (FuelSave Super) from GHS 13.49 per litre during the second pricing window of September to GHS 13.79. Diesel (FuelSave Diesel) has also seen an upward adjustment from GHS 13.99 to GHS 14.35 per litre.
Market analysts have attributed the price hike to a mix of international and local factors. Rising geopolitical tensions in the Middle East have contributed to volatility in global oil prices. Additionally, the price of refined petroleum products, such as petrol, has increased by 1.09%, while diesel saw a slight global price decrease of 1.67%. The depreciation of the Ghanaian cedi against major currencies like the US dollar has further compounded the issue, driving up costs for fuel imports.
More OMCs are expected to follow this trend, raising prices at the pumps in the coming days as global pressures continue to impact the local fuel market.
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