Prices of petroleum products at some filling stations in the country have been increased, petrol and diesel now selling at GH¢5.18 per litre.
The products have gone up by a little over 4 per cent on Thursday. This was after some Oil Marketing Companies started reviewing their prices from Wednesday night.
Most of the firms had kept their prices at the pumps unchanged for more than a month. The review according to myjoyonline is in line with adjustments that are supposed to be made to the products every two weeks, due to the deregulation policy.
Some petroleum product importers said the review has been influenced by the cedi’s depreciation and pick up in prices of the various products at the global level.
Prices at the pumps have been kept unchanged for more than a month, even when it was supposed to go up. Oil Marketers earlier said that the level of increase did not warrant an adjustment.
However, looking at the continuous depreciation of the cedi, price movements on the global level, it looks like they can no longer hold on to the prices.
Petroleum companies, Shell and Total, have taken the lead with a litre of Petrol and Diesel is now selling at GH¢5.18 pesewas, from its oil price of GH¢4.94 pesewas.
Now if the three other major oil firms that control more 50 per cent would follow this margin, then a gallon on the market would go for GH¢23.31 pesewas.
A litre of Kerosene is now selling at GH¢4.58, representing more than 7 per cent increase.
There are more than 100 oil marketing firms in the country, however, if the major ones like Shell, Total, GOIL, Allied and Puma review their prices, then it would impact negatively on the fuel budget of consumers in the country.