As expected, several Oil Marketing Companies (OMCs) have begun raising the price of gasoline at the pump as of today, February 1, 2023.
A litre of gasoline is currently being sold by GOIL, one of the market leaders, for GHc15.25 instead of the prior price of GHc13.60.
In contrast, diesel is now selling for GHc15.90 a litre, up from GHc15.52 previously.
Later today, new fuel rates are anticipated to be announced by other OMCs in a similar fashion.
The Institute for Energy Security (IES) forecasted that the price of gasoline, diesel, and liquefied petroleum gas (LPG) will climb between 7% and 13% starting on February 1, 2023, over the following two weeks, prior to today’s announcement of price increases.
The steep devaluation of the cedi over the past two weeks and the rising international fuel costs as shown on the worldwide S&P Platts platform, according to the IES, are to blame for the increase in domestic fuel prices.
The energy think group noted that despite the government receiving over 41,000 metric tons of diesel under its “Gold for Oil” program, the price of fuel will rise.
Transport companies are urged by COPEC to maintain fare increases.
As fuel prices rise, the Chamber of Petroleum Consumers (COPEC) has urged transportation companies to hold off on plans to press for a hike in transportation fees.
The Ghana Road Transport Union (GPRTU) has previously said that it would call for an increase in transportation costs if gas prices kept rising.
The Executive Secretary of COPEC, Duncan Amoah, responded to the situation by stating that the transport owners might need to wait until the end of the first quarter of the year before requesting a fare hike.
“We believe it is too soon to begin calling for an increase in fuel prices.
At the very least, through March, we must observe the pattern, Mr. Amoah remarked.