Major Oil Marketing Companies (OMCs) have started upwardly adjusting pump prices four days into the first pricing window of November.
The pricing window, which began on November 1, initially saw mixed responses from OMCs. While some OMCs kept prices steady, others raised only the price of petrol.
However, in a notable shift, major OMCs have now increased prices across all refined petroleum products as the first pricing window in November takes shape.
State-owned Goil, which previously sold a litre of petrol at GHS 14.49, has now raised it to GHS 14.64. Diesel, which was GHS 14.90 per litre in October’s second pricing window, has increased to GHS 15.45 per litre.
Shell has followed suit, raising prices for refined petroleum products as well. Petrol, which was GHS 14.58 per litre in the previous pricing window, is now selling at GHS 14.98. Diesel, previously at GHS 14.95, now costs GHS 15.58 per litre.
Petroleum product prices mainly have been driven by two main factors: the performance of the Cedi against major international currencies, and the trend in global market prices for refined petroleum products. These combined forces either makes oil marketing companies in the country increase, maintain or decrease prices at the pump.
However, the cedi has in recent months fared badly against major trading currencies, while the price of refined petroleum products on the international market has also been skyrocketing, compelling OMCs to also increase price at the pumps.
source: citinews