Fuel Price Hits Ghc7 Per Litre
TotalEnergies, one of the leading Oil Marketing Companies (OMCs) in the Republic of Ghana has taken the lead to adjust its pump prices upward.
Diesel (gasoil) is now sold at Ghc7.05 from Ghc6.85 per litre while petrol (gasoline) is sold at Ghc6.99 per litre from Ghc 6.80.
Energynewsafrica.com’s sources indicate that other oil marketing companies are likely to adjust their pump prices within the week.
Crude oil prices on the international market have been soaring since the beginning of January 2022 after falling below US$80 per barrel in December 2021.
As of Sunday, Brent crude was trading at $86.06 per barrel while West Texas Intermediate (WTI) was trading at US$83.82 per barrel.
In a statement issued last Thursday, the energy think tank, Institute for Energy Security, predicted that fuel prices on the local market were likely to hit Ghc7 per litre.
The IES projection was based on the 7.42 per cent increase in the price of Brent crude, the 9.46 per cent increase in the price of gasoline, the 8.52 per cent increase in gasoline price and the 0.3 per cent depreciation of the local currency against the US dollar.
“The coming pricing window which starts on Sunday may see the price of petrol and diesel go up on the local market. This is on the back of happenings on the international market. Over the past two weeks, Brent Crude Oil has moved from about US$77 to about US$83 per barrel, representing an increase of about eight per cent while the price of gasoline increased by 9.46 per cent to close the window at US$774.94 per metric tonne. The price of gasoline also increased within the period by 8.52 per cent to close trading at US$696.00 per metric tonne from its earlier price of US$641.38 per metric tonne.
“Since we are price takers, these happenings on the international market will impact the local market. Though the cedi depreciated marginally against the US Dollar, it won’t make a big change. We are, therefore, likely to see diesel and petrol selling at around GH¢7 per litre for the first time,” Nana Amoasi VII, Executive Director of IES, said in an interview with the media.