The cost of petroleum products has grown at a growing number of Oil Marketing Companies (OMCs) across the nation’s service stations.
On October 16, 2024, Allied Oil took the lead, charging GH₵12.73 for a liter of gasoline and GH₵13.73 for diesel. When compared to the prices quoted on October 1, 2024, this indicates a small increase.
Additionally, Shell has raised the price of their goods; a liter of gasoline now costs GH₵14.72, a 7 percent rise from the initial pricing window that began in October 2024.
However, the price of diesel has increased by 4.45%, with a liter now costing GH₵14.99 pesewas.
On Thursday, October 17, 2024, market leader Goil also declared a price rise.
Goil raised the price of gasoline by 7.89%, making it available for GH₵14.49. As of October 9, 2024, diesel is selling for GH₵14.90, a rise of more than 4% over the previous price.
Star Oil, the second-largest oil marketing company, has raised its rates. A litre of gasoline now costs GH₵13.99, which is more than 7% more than it did previously. Diesel is now retailing at GH₵14.19, up 3.42 percent as well.
Reasons for adjustments
Based on modifications made by several of the main oil marketing companies, a close examination of the data revealed that gasoline had the largest price increase.
More than 7% more had been added to gasoline, and more than 4% more had been added to diesel per litre.
A few of the OMCs have connected the increase to rising global crude oil and refined petroleum product prices. They also attribute a significant portion of the pricing modifications to the recent difficulties with the cedi.
The price of crude oil has decreased on the global market for the last two days. On October 17, 2024, Brent Crude was trading between US$73 to US$99, a considerable decline from the price of over US$80 a barrel a few weeks prior.
According to energy expert Benjamin Nsiah, starting next month, prices should either “stay flat” or slightly decline.
