Some Oil Marketing Companies (OMCs) have increased fuel prices ahead of the next bi-weekly pricing window, signalling renewed pressure in Ghana’s downstream petroleum market.
The adjustments come as global crude oil prices climbed above 100 dollars a barrel, the highest level in months, following escalating tensions in the Middle East that have raised concerns over potential disruptions to supplies through the Strait of Hormuz and other critical shipping routes.
The surge in crude prices has pushed up the cost of refined petroleum products on the international market, while higher freight and insurance charges have added further pressure on import costs.
Against this backdrop, state-owned GOIL, effective Thursday, July 23, increased the price of petrol to GH¢14.38 per litre, while diesel now sells at GH¢17.41 per litre.
Star Oil has also revised its prices upward, with petrol increasing from GH¢13.97 to GH¢14.17 per litre, while diesel has gone up from GH¢16.95 to GH¢17.37 per litre.
Industry analysts say the upward adjustments also reflect the recent depreciation of the cedi against the US dollar, alongside taxes and levies within Ghana’s petroleum pricing structure.
They warn that should the Middle East conflict intensify, and crude prices continue their upward trajectory, motorists and businesses could face further increases in the coming pricing windows.
By Bismark Awusah
