Some Oil Marketing Companies (OMCs) have begun increasing pump prices, with GOIL leading the adjustments. Petrol is now selling at GH¢13.38 per litre, up from GH¢12.99 on September 2, while diesel has risen to GH¢14.20 from GH¢13.90.
GOIL, the industry’s second-largest player, is the first to adjust prices after most OMCs held off for about a week despite projections of a 6% rise from September 16. It remains unclear whether other OMCs will follow suit across the country’s 200-plus stations.
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Projected Increases
The Chamber of Oil Marketing Companies (COMAC) had earlier projected:
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Petrol could climb 3.66%–5.86% to about GH¢14.17 per litre.
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Diesel could rise 2.12%–4.32% to nearly GH¢14.67 per litre.
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Liquefied Petroleum Gas (LPG) may increase 2.23%–4.23%, retailing around GH¢14 per kilogram.
Why Prices Are Rising
The hikes are largely driven by the Ghana cedi’s depreciation against the US dollar. COMAC reported that the cedi weakened from GH¢11.20 to GH¢12.07 during the review period — a 7.76% drop that brings its year-to-date decline to 14.02%, ranking among the steepest globally, according to Bloomberg. The fall was attributed to strong dollar demand for imports ahead of the festive season.
Interestingly, global prices of crude oil and refined products dropped during the same period — petrol by 2.52%, diesel by 4.12%, and LPG by 2.69%. However, COMAC stressed that the cedi’s sharp depreciation cancelled out these declines, making domestic price increases unavoidable.
Story By: Afia Ohenewaa Akyerem