Fuel prices set to rise slightly from today, Dec 1

The price of petroleum products is expected to increase marginally at the pumps from today, December 1.

The projection was captured in the latest Chamber of Oil Marketing Companies (COMAC) outlook report, which guides the pricing decisions of oil marketing companies, as seen by JOYBUSINESS.

Projected Increase

The Price of Petrol is expected to increase between 1.97% -3.30%, bringing the pump price per litre to  GH¢12.91.

Diesel should also be increased between 2.85% -5.15 % potentially resulting in a litre at the pumps, going for GH¢13.37 per litre

That of Liquefied Petrol Gas (LPG ) should be increased by as much as 3.10%  per Kilogram,  which may lead to a kilogram going for GH¢13.80

Reasons

According to the Chamber of Oil Marketing Companies, the increase has been influenced marginal increase in the price of finished petroleum products on the international market and the recent pressure on Ghana over the past two weeks.

Prices of Finished Petroleum products have been going up on the international market over the past weeks.

The data put together by the Chamber of Oil Marketing Companies showed that Petrol increased by 1.26%, Diesel rose by  2.28 % and LPG edged up by0.07 %

 Diesel prices are expected to rise further in the coming days, largely driven by uncertainties surrounding product availability.

COMAC also stated in its report that the cedi’s performance over the past two weeks had played a major role.

“The cedi depreciated marginally from GH¢10.94 to GH¢11.14, marking a 1.76 % depreciation,” the report added.

Analysts say the recent pressure on the Ghana Cedi on rising corporate foreign Exchange demand and end-of-year pressures.

The Executive Secretary of the Chamber of Petroleum Consumers, Duncan Amoah, in a recent interview with JoyBusiness, noted that a favourable pricing outlook will depend on the performance of the Ghana cedi going forward. 

Source: Joy Business