Some Oil Marketing Companies (OMCs) have started increasing prices of petroleum products at the pumps from this morning, November 1, 2022.
Petrol and diesel prices are going for an average of ¢18 and ¢23 per litre, from the previous prices of ¢15 and ¢19 per litre respectively.
Already, some leading OMCs have adjusted their prices of petroleum products at the pumps.
They attribute the significant increase in the price of fuel to the sharp depreciation of the cedi over the past 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.