Fuel prices are coming under review as Oil Marketing Companies have began to implement new pump prices for September.”
Star Oil is among the first companies to announce an adjustment, increasing the price of diesel by 50 pesewas from GH¢16.47 to GH¢16.97 per litre.
The company, however, has maintained its petrol price at GH¢14.97 per litre, while RON 95 remains at GH¢17.97 per litre. Other oil marketing companies are expected to announce their prices as the day progresses, with some companies reportedly monitoring developments in the market and competitor pricing before making a decision.
The Chamber of Oil Marketing Companies, COMAC, has linked the expected upward adjustments to increases in international crude oil and refined petroleum product prices.
Data from the Chamber indicate that crude oil prices rose by 1.75 percent, moving from US$90.53 to US$92.11 per barrel. International prices of finished petroleum products also recorded increases, with petrol rising by 8.86 percent, diesel by 5.51 percent, and Liquefied Petroleum Gas, LPG, by 3.31 percent.
The price increases have occurred despite an appreciation of the Ghana cedi against the US dollar. The cedi strengthened by 3.64 percent, reaching an average rate of approximately GH¢11.37 to one US dollar between August 12 and 27.
To help cushion consumers from the impact of rising international fuel prices, the government has reportedly maintained a GH¢2 per litre reduction in the regulatory margin on diesel for the first September pricing window.
The measure is expected to provide some relief to motorists as OMCs respond to developments on the international petroleum market.
Current pump prices:
* Petrol – GH¢14.97 per litre
* Diesel – GH¢16.97 per litre
* RON 95 – GH¢17.97 per litre
