Fuel prices hike for the second time in March, here’s how much some stations sell a litre of their petrol and diesel in Ghana

Some major Oil Marketing Companies (OMCs) in Ghana have increased the prices of petrol and diesel within the end of March.

Fuel prices hike for the second time in March, here’s how much some stations sell a litre of their petrol and diesel in Ghana

The increase is attributed to be the recent performance of the Ghanaian cedi.

This is the second increase in the prices of fuel in a month.

Shell and Total are among the companies that have increased their fuel prices.

The two companies are selling a litre of petrol and diesel for GHS5.24 representing a 1.16 per cent increase from the previous price of GHS5.18.

The Institute of Energy Security (IES) recently predicted the increase and said it was due to the recent depreciation of the cedi.

The first increment, which occurred after the first pricing window in the first week of March was also attributed to the depreciation of the cedi and the increase in the cost of Brent Crude on the World market.

A Research Analyst at the IES, Mikdad Mohammed in an interview revealed that even though Ghana has seen the currency pick up some strength against the dollar this came a little too late and way into the pricing window after BDCs and oil marketing companies have transacted their bills in the movement of products.

“We have been monitoring the market since the first pricing window in March which we projected that prices were picking up based on the cedi fundamentals of the market as we know them to be. You look at Brent crude price, finished product price, the cedi depreciation against the dollar, and we look at the stock level,” he said.

However, GOIL, Allied and Glory Oil are also yet to increase their prices.

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