Several Oil Marketing Companies (OMCs) have begun raising gasoline prices at the pump as of today morning, November 1, 2022.
Petrol and diesel prices have risen to an average of 18 and 23 cents per litre, respectively, from 15 and 19 cents previously.
Some major OMCs have already altered their pump pricing for fuel products.
They blame the considerable spike in fuel prices to the cedi’s dramatic decline during the last two weeks.
Presently, the price of crude oil on the world market is relatively stable, selling at $94 per barrel.
But the price of fuel has gone up by more than 100% since the beginning of the year. Petrol and diesel sold at about ¢7.5 per litre at the beginning of 2022.
The Institute for Energy Security (IES) had earlier stated that petrol and diesel prices were expected to go up further to ¢18 and ¢20 per litre by the middle of November 2022.
It also projected a further increase in the price of Liquefied Petroleum Gas despite a 1.43% fall in the commodity on the world market.
But this latest increase in the prices of petroleum products indicates that the new prices have come too early.