The prices of petroleum products has risen by 10 per cent at the pumps this evening, 16 October 2022, according to the Institute for Energy Security (IES) and confirmed by NSEMGH.
This is due to increases in the price of crude oil on the international market and the significant decline in the value of the local currency, the Ghana cedi, against the 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.”
In NSEMGH report this evening shows that gasoline per litre price ¢15,
It stated in the report “although the rise in the price of LPG on the world market was moderate, the significant fall in the value of the cedi, may cause the domestic selling price to rise by not less than 4 per cent at the local pump.”
There will be slight differences in the pricing of fuel by the various OMCs at the pumps due to their market shares.
In the last pricing window, the national average price per litre of petrol stood at ¢11.05, up from ¢10.90 in the last window, representing a 1.36% increase.
The average price of diesel per litre fell to ¢13.98, from ¢14.45, representing a 3.25 per cent reduction.
The NSEMGH MarketScanpicked Sel, GOIL, Total, and Shell/Vivo as OMCs with the highest-priced fuel on the downstream petroleum market.