Motorists in Ghana are waking up to a new reality at the fuel pumps, with some Oil Marketing Companies increasing their prices following the latest rise in petroleum product costs, while others are holding on to their previous rates for now.
Star Oil has recorded the most significant adjustment among the major brands monitored.
The company has increased the price of Super from GH¢15.43 to GH¢16.77 per litre, representing an increase of GH¢1.34, or about 8.7 percent.
Diesel has also gone up from GH¢17.26 to GH¢17.77, an increase of 51 pesewas, or approximately 3 percent.
For RON95, the price has moved from GH¢17.97 to GH¢18.97, translating into a GH¢1 increase, or about 5.6 percent.
The adjustments come as the National Petroleum Authority raises the minimum price floor to GH¢16 per litre for petrol and GH¢16.77 for diesel for the new pricing window.
But the increases are not yet uniform across the industry.
Some major Oil Marketing Companies such as Goil PLC and Shell are yet to announce increases. A check on their social media pages does not show any posts in this regard.
This situation that can occur because companies do not necessarily adjust their prices at exactly the same time or perhaps they are staying old prices to attract more customers to increase profit margin and draw new customers.
Their pricing decisions can reflect existing stock purchased before the latest international price changes, their individual margins, and the level of competition at their stations.
Meanwhile, international crude prices remain elevated, with Brent crude trading above 100 dollars a barrel, continuing to put pressure on the cost of petroleum products imported into Ghana.
For motorists, the immediate reality is therefore a mixed market: higher prices at some stations, while others continue to sell at earlier rates until their next price review.
By Ishmael Oduro-Acheampong
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