Oil Marketing Companies (OMCs) have begun raising prices of petroleum products at the pumps.
This is due to the fortnightly revision of fuel prices, which began yesterday, October 16, 2022.
The rise was made possible by a minor increase in the price of crude oil on the global market throughout the period, as well as a rapid depreciation of the cedi.
According to Joy Business, certain OMCs are selling gas per liter for $13.10, up from the previous price of $11.10, a 16% increase.
The price of diesel per liter, on the flip side, has risen to almost $15.99, up from $13.90 previously. This is a 12% increase.
Similarly, beginning today, the price of Liquefied Petroleum Gas (LPG) has been increased by about 10% even though the variance in the prices of petroleum products at the pumps will vary among the OMCs.
Fuel prices to go up from October 16 – IES
The Institute for Energy Security (IES) had projected that fuel prices were expected to go up at the pumps from Sunday, October 16, 2022.
This was due to the increases in price of the products on the international market, and the significant decline in the value of the local currency against the American greenback or US dollar.
“The sharp rise in gasoline [petrol] and gasoil [diesel] prices on the global market may drive the price of domestic gasoline and gasoil rise higher, as against the rise in LPG [Liquefied Petroleum Gas] price.
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