Prices of fuel have seen an upward adjustment beginning today, Monday April 17, 2023 at the pumps.

Some Oil Marketing Companies (OMCs), including GOIL, Total and Shell have all increased prices of petrol and diesel.

Petrol which previously sold at GH¢12.65 is now selling at GH¢13.20 while diesel which was sold at GH¢12.84 is also selling at GH₵13.20.

The present rise in petroleum product prices is a result of a notable increase in the cost of crude oil on the world market.

It was expected that the fuel prices will increase, as some energy tink tanks had projected an increase.

The Chamber of Petroleum Consumers (COPEC) predicted a 2.01% increase in the price of petrol at the retail pumps from April 16, 2023.

COPEC claims that its projection is based on the increase in the global benchmark price, which went from $772.75 per metric tonne to $900.20 per metric tonne, or a 16.49% increase. This brings the retail cost of gasoline to 12.41 pence per liter.

The Institute for Energy Security (IES) also projected that domestic fuel prices were likely to see some increment at the pumps for petrol and a marginal decrease for diesel and LPG.

Source: Ghana/Sompaonline.com/Nana Yaw Boamah