Some Oil Marketing Companies (OMCs) have begun revising fuel prices in line with industry projections, with petrol prices edging upward while diesel records slight reductions at selected pumps.
At Goil, petrol is now selling at GH¢12.90 per litre, up from GH¢12.88, while diesel has dropped from GH¢14.30 to GH¢13.90.
At Shell, petrol is selling at GH¢13.59 per litre, compared to the previous GH¢12.89.
Meanwhile, Star Oil has kept its prices unchanged, saying it will maintain current rates until September 15, 2025. The company is currently selling petrol at GH¢12.77 per litre and diesel at GH¢13.35.
Industry Projections
Last Friday, the Chamber of Oil Marketing Companies (COMC) projected petrol prices to rise between 3.86% and 5.40%, possibly hitting GH¢13.67 per litre. Diesel was expected to rise by 3.39% to about GH¢14.35 per litre, while LPG was projected to go up by 4.57% per kilogram.
However, Chamber CEO Dr. Riverson Oppong noted that some firms had revised downwards the expected margin of increase this week.
Reasons for Adjustments
The Chamber explained that the upward revisions were driven largely by the cedi’s depreciation against the US dollar, which fell from GH¢10.71 to GH¢11.20 over the past month — a 3.98% drop, the steepest this year.
Ironically, global crude oil prices have been declining, with petrol falling 0.45%, diesel 3.73%, and LPG 1.73%.
Some industry players have also blamed the recent GH¢1 levy on petroleum products for fueling price hikes.
Cedi Depreciation and Supply Challenges
Despite easing global oil prices, the Chamber stressed that the weak cedi and persistent supply shortfalls — especially petrol — have placed upward pressure on local prices.
Joy Business reported that some OMCs were forced to adjust pump prices as early as mid-August, outside the regular pricing window, due to supply challenges.
Source: Joy Business
