Fuel prices have seen a notable increase at the pump as the first pricing window for July 2024 opens, driven by a combination of rising international oil prices and the depreciation of the Ghanaian Cedi.
This adjustment reflects broader economic trends impacting the energy sector.
Several oil marketing companies (OMCs) have begun raising their fuel prices in response to these economic pressures.
According to prominent energy think tanks, including the Chamber of Petroleum Consumers (COPEC) and the Institute for Energy Security (IES), these price hikes are a direct consequence of the recent surge in global oil prices and the weakening of the local currency.
“The rising cost of refined petroleum products on the international market and the depreciation of the Cedi have led to these price increases,” explained a representative from COPEC.
Among the companies adjusting their rates is Star Oil, which has raised the price of petrol to GHS13.83 per litre, up from GHS13.66 in the previous pricing window. Diesel prices have also climbed to GHS14.79 per litre, up from GHS13.97 last month.
“Currently, a litre of petrol is selling at GHS13.83, and diesel at GHS14.79,” confirmed a spokesperson for Star Oil.
Shell has also adjusted its prices, with a litre of petrol now costing GHS14.80 and a litre of diesel priced at GHS14.92. This is a rise from Shell’s previous prices of GHS14.60 per litre for petrol and GHS14.75 for diesel in June.
“Shell is selling a litre of petrol at GH₵14.80, while a litre of diesel is being sold at GH₵14.92,” Shell’s spokesperson said.
In contrast, major market leaders such as state-owned GOIL and Total Energies have not yet announced any price increases for this pricing window. GOIL continues to sell petrol at GHS14.80 per litre and Diesel XP at GHS14.92 per litre.
“GOIL is currently selling a litre of petrol at GHS14.80, while a litre of Diesel XP is priced at GHS14.92 per litre,” a GOIL representative stated.
Total Energies has also maintained its prices, with petrol consistently at GHS14.85 per litre and diesel at GHS14.95 per litre over the past two pricing windows.
“Total Energies has consistently retained its price for petrol at GHS14.85 and diesel at GHS14.95 in the preceding two pricing windows,” noted a spokesperson from Total Energies.
