Motorists are paying more for fuel from today after Star Oil implemented another increase in pump prices, with more Oil Marketing Companies (OMCs) expected to follow as global petroleum prices continue to rise.
The latest adjustment comes just days after Star Oil’s August 1 price review, which saw petrol increase from GH¢14.47 to GH¢14.53 per litre and diesel from GH¢17.67 to GH¢18.77 per litre.
Checks on Monday morning confirmed that the company has raised its prices again.
Petrol has increased from GH¢14.53 to GH¢15.57 per litre, while diesel has gone up from GH¢18.77 to GH¢18.97 per litre.
The latest hikes underscore growing pressure on Ghana’s downstream petroleum market, with industry players attributing the increases to rising international crude oil and refined petroleum product prices.
Sources familiar with Star Oil’s operations told JoyBusiness that the latest price adjustment was driven by developments on the international market.
Known for offering some of the most competitive fuel prices in the country, Star Oil’s latest review suggests that even low-cost fuel retailers are no longer insulated from the impact of global price increases.
Industry projections indicate diesel prices could soon reach GH¢19 per litre, with some forecasts suggesting they could climb as high as GH¢19.20 if international market conditions remain unchanged.
The latest increases are expected to trigger similar price adjustments across the industry as other OMCs pass on the higher cost of importing petroleum products to consumers.
Market analysts believe pump prices will remain under pressure as long as global crude oil and refined fuel prices continue to rise.
Despite the latest hikes, sources close to the National Petroleum Authority (NPA) have dismissed suggestions that Ghana could return to daily fuel price adjustments, insisting there are no plans to reintroduce that pricing regime.
The fresh increases come at a time when households and businesses are already struggling with rising transport and operating costs, reinforcing fuel prices as one of the major drivers of inflation and the high cost of living.
