Petroleum prices have begun to rise at the pumps, with Shell leading the way. As of today, Shell is selling petrol at ₵15.10 per litre and diesel at ₵15.25 per litre, representing a 2% and 2.2% increase respectively.
Previously, Shell sold petrol at ₵14.80 per litre and diesel at ₵14.92 per litre.
Other Oil Marketing Companies (OMCs) like Star Oil have also adjusted their prices, with Star Oil now selling petrol at ₵13.93 per litre and diesel at ₦14.70 per litre.
According to the OMCs, the price increase is due to the rising cost of crude oil on the international market and the depreciating cedi.
The outlook for petroleum prices appears bleak, as the cedi is expected to continue its downward trend against the dollar in the coming weeks.
Earlier, the Chamber of Petroleum Consumers (COPEC) predicted a 4% hike in petroleum prices, effective July 16, 2024. COPEC attributes this increase to the cedi’s depreciation against the dollar, which has shifted from $1:GHS15.2779 to $1:GHS15.462 (-1.205%).
The expected price changes are: petrol to ₵14.795/L, diesel to ₵15.332/L, and LPG to ₵16.205/kg, with a 14.5 kg cylinder costing ₵234.97.
COPEC is urging the government to reduce taxes or subsidize LPG to improve accessibility and protect the environment.
