Fuel price shot up marginally

Prices of petroleum products have shot up marginally at the Mid-November deregulated review a survey conducted by the Ghana News Agency on Wednesday has established.

The increment according to Oil Marketing Companies (OMCs) is attributed to global commodity changes.

Engen Ghana Limited is quoting GH¢ 2.774 per liter for Super and GH¢ 2.709 per litre for diesel; Total Ghana Limited and Shell Ghana Limited are quoting GH¢ 2.828 per litre for Super and GH¢ 2.748 per litre for diesel at their filling stations.

Ghana Oil Company Limited (GOIL) who has been dictating the deregulated regime with lower prices as compared to other major competitors is quoting GH¢ 2.779 per litre for Super XP and GH¢ 2.699 per litre for diesel.

African Petroleum is quoting GH¢ 2.773 per litre for Super and Diesel GH¢ 2.698 per litre for diesel and Champion Oil Company Limited is selling Super at GH¢ 2.779 per litre and GH¢ 2.690 per litre for diesel.

A Ghana News Agency team monitoring the fortnight price review in accordance with the petroleum deregulation regime noted that NASONA Oil Company Limited; STAR Oil Company Limited; Petrobay Oil Company Limited; SO Energy Ghana Limited; Glory Oil Company Limited; and Allied Oil Company Limited are all quoting within the price review.

Frimps Oil Company Limited; EV Oil Company Limited, Benab Oil Company Limited, UBI Petroleum Ghana Limited, and Universal Oil Company Limited are all quoting very competitive prices for the products.

The prices review of petroleum products is in conformity with the de-regulation of petroleum products, which took effect from June 16.

The increment was attributed to the marginal stabilisation of the local currency, the cedi, to other major currencies and the world crude oil price during the sixth de-regulated pricing regime for the period.

The government has decided to wash its hands off the pricing of petroleum products.

This means that the Bulk Oil Distribution Companies (BDCs) and Oil Marketing Companies (OMCs) will price their own products.

The strategy, which is the final phase of Ghana’s petroleum downstream deregulation policy, will result in the cessation of subsidies on fuel products.