Fuel Prices Go Up By 4.3% At Pumps

On August 1, 2023, 2:56 PM

Some Oil Marketing Companies (OMC) have started increasing prices of petroleum products at the pumps from today, August 1, 2023.

Hitherto the increment, the Chamber of Petroleum Consumers (COPEC) earlier predicted that prices of petrol and diesel were likely to increase on average by about 9.0% per litre, whilst the price of Liquefied Petroleum Gas (LPG) was expected to go up by about 20.0%.

One of the market leaders, GOIL, is selling a litre of petrol at ₵12.95 from its previous price of ₵12.40.

GOIL is also selling diesel at ₵12.95 per litre from its old price of ₵12.45.

This means petroleum products have increased from 4% to 6% from the previous prices.

The increase can be attributed to the sudden rise in prices of finished petroleum products on the international market and some supply issues on the world market.

Some petroleum experts say this is the biggest price hike of finished petroleum products on the international market since January 2023.

The situation could cause inflation to rise as fuel prices are an important component in the inflation ladder.