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Price hikes in petroleum products at the pumps

fuel oil petrol

By Rukuyatu Musah

Some oil marketing companies have started increasing the prices of petroleum products at the pumps. 

Shell is selling a litre of petrol and diesel at GH₵14.84. 

GOIL is, however, selling a litre of petrol for GH₵14.60, from its old price of GH₵14.55. Diesel is going for GH₵14.75, up from the previous price of GH₵14.70.

GOIL price is lower compared to Shell.

The adjustment witnessed at the pumps is due to the GH₵0.05 increase in the Unified Petroleum Price Fund (UPPF), margin.

The National Petroleum Authority has directed industry players to increase the margin from June 1, 2024. Some oil marketing companies have explained that prices at the pumps would have remained unchanged if the UPPF margin had not gone up.

More oil marketing firms are expected to increase their prices at the pumps. Analysts have questioned the decision and rationale behind the NPA’s directive to increase the UPPF margin. 

This is because the price of crude oil has been dropping on the world market, which some observers say should have been reflected in the prices at the pumps.

In addition, some observers and civil society organisations have argued that consumers should have enjoyed a sharp drop in prices if the cedi was stable against the dollar.

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