- Fuel prices at the pumps have been increased again after they went up twice in the month of October 2022
- The increments saw petrol prices hitting Gh¢17.99 per litre, with diesel now selling for Gh¢23
- These increments are coming at a time crude oil prices on the world market have remained below $100 per barrel for more than two months
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Consumers are expected to pay more for fuel products when they enter pumps to purchase same.
This follows the increments of petroleum products effective today, November 1, 2022.
While petrol prices will now sell for Gh¢17.99 per litre, that of diesel will be sold for Gh¢23 per litre.
Oil Marketing Companies Significantly Adjust Pump Prices
Some of the Oil Marketing Companies (OMCs) that have significantly adjusted their pump prices include GOIL, TotalEnergies, Shell, Pacific, Petrosol, Engen, and Cash Oil, among others.
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Continuous Depreciation of the Ghanaian Cedi Largely To Be Blamed For Rising Prices Of Fuel
The continuous depreciation of the cedi against the US dollar is largely to be blamed for the rising cost of fuel in Ghana, as crude oil prices on the world market have remained below $100 per barrel for more than two months.
Crude Oil Prices On World Market Remain Below $100 Per Barrel
As of 9: 30pm on Monday, October 31, 2022, Brent crude was trading at $94.83 per barrel while WTI was selling at $86.52 per barrel.
Fuel prices have already gone up twice in the month of October 2022, and this latest increment is expected to exacerbate the hardships of the ordinary Ghanaian further.
Fuel Prices Shoot Up: Prices Increased From GH¢13 to GH¢14 As Expert Predicts Imminent Shortage
Earlier, YEN.com.gh reported that even before the second fuel pricing window ends on October 30, 2022, prices of petroleum products have shot up significantly.
Oil Marketing Companies (OMC) hiked petrol and diesel prices by some 10%. During the first pricing window on October 16, pump prices went up by 16%.
The Chamber of Petroleum Consumers Ghana (COPEC-GH) hinted that prices of petrol, diesel, and other petroleum products would go up further by the second pricing window.
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