Prices of petroleum products have started shooting up as some Oil Marketing Companies have begun increasing the prices of petrol and diesel at the pumps.
This is as a result of the marginal increase in the depreciation of the cedi and a slight increase in the price of crude oil in the first month of 2023.
The price of petrol which was previously sold at ¢12.40 in the beginning of January, 2023, now sell at ¢13.90 while that of diesel is selling at about ¢15.60 per litre, from about ¢13.70.
However, it is unclear whether the price of Liquified Petroleum Gas (LPG) will also increase or remain stable.
The Institute for Energy security had reported earlier that barring any government intervention, fuel prices will go up between 5% and 9% per litre from January 16, 2023, at the pumps.
According to the IES, the increase in fuel prices is as a result of the rise in the prices of petroleum products on the international market and the depreciation of the cedi.