Prices of petroleum products have gone by a little over 4 per cent on Thursday.
This was after some Oil Marketing Companies started reviewing their prices from Wednesday night.
Most of the firms had kept their prices at the pumps unchanged for more than a month.
Reasons
According to those who import these products, the review has been influenced by the cedi’s depreciation and pick up in prices of the various products at the global level.
Prices at the pumps have been kept unchanged for more than a month, even when it was supposed to go up. Oil Marketers earlier told that level of increases, did not warrant an adjustment.
However, looking at the continuous depreciation of the cedi, price movements on the global level, it looks like they can no longer hold on to the prices.
Details of the adjustments
Checks by JoyBusiness showed Shell and Total have taken the lead with a litre of Petrol and Diesel is now selling at GH¢5.18 pesewas, from its oil price of GH¢4.94 pesewas.
Now if the three other major oil firms that control more 50 per cent would follow this margin, then a gallon on the market would go for GH¢23.31 pesewas.
A litre of Kerosene is now selling at GH¢4.58, representing more than 7 per cent increase.
There are more than 100 oil marketing firms in the country, however, if the major ones like Shell, Total, GOIL, Allied and Puma review their prices, then it would impact negatively on the fuel budget of consumers in the country.
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