Shell Increases Fuel Prices Marginally, Other OMCs Follow Suit

• Some oil marketing companies have begun an upward adjustment of fuel costs ahead of the December pricing window
• Shell has taken the lead by marginally increasing prices of both petrol and diesel by GH₵0.17 and GH₵0.6, respectively
• This development goes contrary to expectations from stakeholders who had hoped that diesel and petrol prices would dip

Some oil marketing companies have begun marginally increasing fuel costs as the first pricing window in December commences.

Shell took the lead by increasing the prices of both petrol and diesel by GH₵0.17 and GH₵0.6, respectively.

A litre of petrol, previously bought at the pumps for GH₵14.82/litre during the second pricing window in November, is now going for GH₵14.99.

Diesel, also previously priced at GH₵15.66 per litre, is now retailing at GH₵15.72.

This development goes contrary to expectations from stakeholders in the petroleum sector, who had hoped that diesel and petrol prices would decline by the end of the second pricing window.

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The Chamber of Petroleum Consumers (COPEC) had projected a decline in fuel prices based on trends in the international markets and the relatively favourable performance of the cedi during that period.

COPEC disclosed that petrol prices on the international market fell from $723.03 per metric tonne to $676.64 per metric tonne.

Shell’s price increment signals a potential trend in fuel price adjustments as before the first pricing window in December commences.

Fuel prices hit their highest mark

YEN.com.gh reported that fuel prices have hit their highest mark over a year after crossing GH¢14 cedis per litre at some fuel stations.

This comes as oil prices on the international market have also hit a six-month high, with prices reportedly driven by a number of factors.

For instance, the National Petroleum Authority reversed the suspension of the Price Stabilisation and Recovery Levy on petroleum products.

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Sadly for the consumers, the levy charges 16 pesewas per litre of petrol, 14 pesewas per litre of diesel, and 14 pesewas per kilogram of LPG.

Proofread by Bruce Douglas, senior copy editor at YEN.com.gh

Source: YEN.com.gh