The prices of petroleum products have shot up at the pumps.
Petrol is now selling at ₵13.10 per litre while diesel is selling at ₵15.00.
Kerosene is selling at ₵13.19.
READ ALSO: Fuel prices to go up by 10%
The new prices took effect from Sunday, 16 October 2022.
The Institute of Energy Security (IES) projected a 10-per cent rise in the prices of fuel last week.
This is due to increases in the price of crude oil on the international market and the significant decline in the value of the local currency, the Ghana cedi, against the US dollar.
“The sharp rise in gasoline [petrol] and gasoil [diesel] prices on the global market may drive the price of domestic gasoline and gasoil rise higher, as against the rise in LPG [Liquefied Petroleum Gas] price.”
“In IES’ estimation, consumers of gasoline and gasoil may pay between 7% and 12% more for a litre at the pump in the next two weeks, with gasoil per litre price hinging close to ¢15," a statement noted.
It said “although the rise in the price of LPG on the world market was moderate, the significant fall in the value of the cedi, may cause the domestic selling price to rise by not less than 4 per cent at the local pump.”
There will be slight differences in the pricing of fuel by the various OMCs at the pumps due to their market shares.
In the last pricing window, the national average price per litre of petrol stood at ¢11.05, up from ¢10.90 in the last window, representing a 1.36% increase.
The average price of diesel per litre fell to ¢13.98, from ¢14.45, representing a 3.25 per cent reduction.
The IES MarketScan picked Sel, GOIL, Total, and Shell/Vivo as OMCs with the highest-priced fuel on the downstream petroleum market.