Fuel Price up again despite cedi appreciation against the US dollar

Some Major Oil Marketing Companies (OMCs) have made slight upward adjustments on the prices of petrol and diesel at the pumps.

The latest upward adjustment is the second increment in the prices of fuel in a month.

Checks at some major fuel pumps like Shell and Total have revealed an increment of prices of petrol and diesel by 6 pesewas.

The two companies are selling a litre of petrol and diesel for GHS5.24 representing a 1.16 percentageincrease from the previous price of GHS5.18.

Allied which is the first indigenous wholly Ghanaian Owned Oil Marketing Company has also adjusted it’sprice upward from GHS5.16 to GHS5.22.

Meanwhile,  Ghana oil company, GOIL is yet adjust its price.

The Institute of Energy Security(IES) which predicted the increase has attributed the hikes to the recent depreciation of the cedi.

“Even though we have seen the currency pick up some strength against the dollar, this came a little too late and way into the pricing window after BDCs and oil marketing companies have transacted their bills in the movement of products,” Mikdad Mohammed a Research Analyst at the IES told Citi Business News in an interview.

The first increment, which occurred after the first pricing window in the first week of March was also attributed to the depreciation of the cedi and the increase in the cost of Brent Crude on the World market.

Source: Ghana/otecfmghana.com

Leave a Reply

Your email address will not be published. Required fields are marked *