OMCs review fuel prices upward

The Oil Marketing Companies (OMCs) have increased the retail prices of petroleum products for the June 1 to 15 review period pegging Super between GH¢ 3.499 and GH¢ 3.650 and Diesel between GH¢ 3.399 and GH¢ 3.547.

Engen Ghana Limited has pegged Super at GH¢ 3.450 per litre and Diesel at GH¢ 3.410 per litre, Ghana Oil Company Limited (GOIL) has fixed the price for Super at GH¢ 3.510 per litre and GH¢ 3.410 per litre for Diesel.

A Ghana News Agency team monitoring the fortnight price review in accordance with the petroleum deregulation regime observed that Total Ghana is also selling at GH¢ 3.650 per litre for Super and GH¢ 3.550 per litre for Diesel.

Shell Ghana Limited has pegged the price at GH¢ 3.650 per litre for Super and GH¢ 3.550 per litre for Diesel.

The GNA observed that the price of advanced fuel (unleaded) is slightly higher at Total and Shell than at GOIL; while GOIL Super XP sells at GH¢ 3.510; and Total’s Super Effimax and Shell’s V. Power selling at GH¢ 4.350 per litre.

Quantum Petroleum Limited has pegged the price of Super at GH¢ 3.490 per litre and Diesel at GH¢ 3.390 per litre; Star Oil Company Limited’s price is pegged at GH¢ 3.400 per litre for Super and GH¢ 3.399 per litre for Diesel; and Dukes Petroleum Company Limited price is GH¢ 3.499 per litre for Super and GH¢ 3.399 per litre for Diesel.

The prices review of petroleum products is in conformity with the de-regulation of petroleum products which took effect from June 16, 2015.

Other OMCs visited include Allied Oil Company Limited; Rich Oil Company

Limited and Nasona Oil Company Limited which had all pegged the price for Super at GH¢ 3.500 per litre and Diesel at GH¢ 3.400 per litre.

The West African Petroleum Company Limited has pegged the price of Super at GH¢ 3.500 per litre and Diesel at GH¢3.390 per litre; Unity Oil Company Limited has fixed the price at GH¢ 3.509 per litre for Super and GH¢ 3.409 per litre for Diesel; and Pacific Oil Company Limited sells Super at GH¢ 3.480 per litre and Diesel at GH¢ 3.390 per litre.

The rest includes Benab Oil Company Limited where the price of Super is pegged at GH¢ 3.490 per litre and Diesel at GH¢ 3.340 per litre; Sky Petroleum Company Limited has GH¢ 3.390 per litre for Super and GH¢ 3.390 per litre for Diesel; and Lucky Oil Company Limited is selling at GH¢ 3.468 per litre for Super and GH¢ 3.161 per litre for Diesel.

For PUMA Energy the price of Super is pegged at GH¢ 3.470 per litre and Diesel is GH¢ 3.390 per litre.

The increment in petroleum prices was attributed to international trading trends, the strength of the local currency; the cedi, and the world crude oil price during the June 1 to 15 de-regulated pricing period.

The Government, last June, decided to wash its hands off the pricing of petroleum products.

Since June 16 last year the Bulk Oil Distribution Companies and OMCs have adhered to the fortnight price review of petroleum products.

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