Fuel price at some filling stations have increased by six pesewas, checks reveal that Shell and Total have increased the prices of petrol and diesel by 1.16 percentage.
The two companies are selling a litre of petrol and diesel for GHS5.24 from the previous price of GHS5.18.
This is the second increase in fuel price in a month, some of the industry players say the increased is to help recoup their losses caused by the Cedi depreciation.
Research Analyst at the Institute of Energy Security(IES) Mikdad Mohammed in an interview earlier this month has predicted fuel price hikes due to the recent depreciation of the cedi.
“Even though we have seen the currency pick up some strength against the dollar this came a little too late and way into the pricing window after BDCs and oil marketing companies have transacted their bills in the movement of productsâ€.
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The first increment, which occurred after the first pricing window in the first week of March was also attributed to the depreciation of the cedi and the increase in the cost of Brent Crude on the World market.
“We have been monitoring the market since the first pricing window in March which we projected that prices were picking up based on the cedi fundamentals of the market as we know them to be. You look at Brent crude price, finished product price, the cedi depreciation against the dollar and we look at stock level,†said Mikdad.
However a major state oil company, GOIL is yet to adjust its price. OMCs like Allied and Glory Oil are also yet to increase their prices.