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Some of the major petroleum marketing companies (WTO) have adjusted fuel prices at the pump.
JoyBusiness believes this measure is intended to help them recover the costs of importing petroleum products when the cedi depreciated sharply against the dollar two weeks ago.
Price changes at the pump
Based on their criticism, one liter of oil and diesel now sells at 5.24 GH ¢ at SHELL, TOTAL, PUMA and Allied, as well as other major oil companies.
This represents an increase of about 1.15%.
On the basis of these adjustments, a gallon of fuel is now sold, as gas stations that have revised their prices are expected to sell for about 23.58 GH ¢, while the 23.45 GH ¢ bought last week.
According to the regulator of the sector, the National Petroleum Authority (NPA), most of these large oil marketing companies were trying to cope with the huge cost of importing these products when the cedi depreciated sharply compared to the dollar.
Some players told JoyBusiness that they thought it was just right for consumers to support this cost, even though the cedi started to rebound sharply against the dollar.
GOIL keeps the price unchanged at the pump
The market leader, GOIL, however, kept its prices unchanged at the pump.
Sources close to the company argued that the cost of importing them did not warrant an increase.
This should mean that a liter of gasoline and diesel is still sold at their gas stations across the country at 5.18 GH ¢.
Developments in the oil sector
Prices for petroleum products remained relatively stable at the beginning of this year, but things changed last month when the Ghana cedi began to depreciate sharply against the dollar.
It increased by about 4.13% per liter for diesel and 2.89% for gasoline. But most oil companies then decided to sell a liter of gasoline and diesel at 5.18 GH ¢.
Outlook for oil prices
Sources close to the National Petroleum Authority predict a reduction in prices in the coming weeks.
This is based on the strong recovery of the cedi. Some badysts have even forecast that the Ghana cedi should reach GH ¢ 4 beach this week.
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