Petrol Prices Set to Increase in June as Petrol Price Floor Rises to GH¢15.20 Per Litre
- Petrol prices are expected to rise by GH¢0.60 in June to GH¢15.20 per litre
- Diesel prices projected to drop by GH¢0.32 to GH¢15.49 per litre
- LPG price floor increases to GH¢13.48 per kilogram, reflecting a rise of GH¢0.32
Petrol prices are expected to increase in June, while diesel prices are likely to decline slightly.
This development follows the latest pricing outlook released by the National Petroleum Authority.
Source: Getty Images
Joy News reported that in the first pricing window of June, the petrol price floor stands at GH¢15.20 per litre, reflecting an increase of GH¢0.60 compared to the GH¢14.60 per litre recorded in the second pricing window of May.
LPG is also set to record an upward adjustment, with the price floor increasing to GH¢13.48 per kilogram from GH¢13.16 in the previous window, representing a rise of GH¢0.32.
A slight decline is expected in diesel prices, with the price floor set at GH¢15.49 per litre, reflecting a drop of GH¢0.32 from the GH¢15.81 per litre recorded in the second pricing window of May.
The NPA indicated that the price floors do not factor in premiums applied by International Oil Trading Companies (IOTCs) nor the operating margins of Bulk Import, Distribution, and Export Companies (BIDECs) or the margins retained by marketers and dealers, as these are set separately by each entity.
Since February 28, joint US-Israeli attacks on Iran, which resulted in the death of Ayatollah Ali Khamenei, the country’s supreme leader, sparked a conflict involving different countries in the Middle East. Time reported that over 3,400 have been killed in the conflict.
This is in addition to its closure of the Strait of Hormuz, which transports 20% of the world's oil, sending oil prices soaring.
Following increased volatility on the international petroleum market, the government absorbed GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol.
These measures were effective on April 16, according to a statement from the government.
Effect of Iran war on fuel supply
Iran has effectively stopped tankers from using the Strait of Hormuz, the shipping lane between the Persian Gulf and the Gulf of Oman.
Attacks on merchant ships near the strait have killed at least seven sailors, according to the International Maritime Organisation.
AP reported that US President Donald Trump also assured threatened intensified action on Iran if the country made any “attempt to stop the globe’s oil supply.”
Source: Original
The hike in fuel was being passed on to other services that Ghanaians depend on.
For example, the Ghana Private Road Transport Union had threatened to hike transport fares because of the increase in fuel prices. Increased transport fares also translate to increased fuel prices.
But it has now welcomed the expected relief from the government.
Iran targets commercial ships
Earlier, YEN.com.gh reported that Iran had targeted commercial ships and Dubai Airport, escalating regional tensions amid global energy concerns.
Iran threatens financial institutions in the Middle East, endangering Dubai's economic stability as attacks escalate.
Airstrikes continue in Tehran and Lebanon as the UN discusses measures against Iran's aggression towards Arab nations.
Source: YEN.com.gh
