OMCs have begun raising pump prices at the start of November’s first pricing window.
Originally, OMCs had varying reactions when the pricing window opened on November 1. Some OMCs kept prices steady, while others chose to increase only the price of petrol.
In a noteworthy change, major OMCs have recently raised prices on all refined petroleum products as the first pricing window of November begins.
Goil, a state-owned company, used to sell a liter of petrol for GHȼ14.49 but has now increased the price to GHȼ14.64. In October’s second pricing window, the cost of diesel was GHȼ14.90 per litre. Since then, the price has risen to GHȼ15.45 per litre.
Shell has also increased prices for refined petroleum products. Petrol has increased in price from GHȼ14.58 per litre to GHȼ14.98 in the current pricing window. Diesel has increased in price from GHȼ14.95 to GHȼ15.58 per litre.
The prices of petroleum products are primarily influenced by two factors: the strength of the Cedi compared to major international currencies, and the direction of global market prices for refined petroleum products. The combined forces determine whether oil marketing companies in the country raise, maintain, or lower prices at the pump.
Recently, the cedi has been performing poorly against major trading currencies, and the cost of refined petroleum products on the international market has been rising sharply. As a result, OMCs have had to raise prices at the pumps.
