Prices of petroleum products may go up by about 6%, beginning March 1st, 2022, if government fails to intervene in the rising price of crude oil.
According to the Institute for Energy Security, the impending price increases have been largely influenced by the sharp depreciation of the cedi against the US dollar.
“Other factors include the 3.33% increase in the price of Brent crude, the 2.71% rise in Liquefied Petroleum Gas (LPG) price, the 3.58% increase in the price of petrol, and the 4.50% jump in diesel price; all on the international oil and fuel markets”, it added.
Crude oil prices rose on Thursday, 24th February 2022 when markets became aware of a military operation sanctioned by the Russian leader, Vladimir Putin. The so-called “special military operation” in Ukraine organised under the hand of the President fueled market anxiety over the potential impact for oil and gas supply from the region and the escalating tensions of a potential World War III.
The data analysed by the IES Economic Desk on the Foreign Exchange (Forex) market within the Pricing-window also revealed that the cedi further depreciated against major trading currencies. Against the dollar, the cedi depreciated further by 4.11% to close trading at ¢6.85.
Benab, Zen sold fuel at lower prices
During the last pricing window, Benab Oil, Zen Petroleum, Goodness Oil, Star Oil, Dukes Oil and Reliance were the Oil Marketing Companies with the least-priced fuel on the local market.
Total Energies, Shell (Vivo), Sel, Allied and Puma joined a few others to sell the highest-priced fuel on the market within the past Pricing-window.
Prices at most pumps rose beyond ¢7.70 per litre for both petrol and diesel, thus bringing the national average price for both products to ¢7.86 per litre.
The current average price represents an increase of 7% over the previous average price of ¢7.35 per litre.