Motorists across Ghana should prepare to pay more at the pump starting Thursday, July 16, as the prices of petrol, diesel, and liquefied petroleum gas (LPG) are set to rise in the second pricing window of July.
According to the Chamber of Oil Marketing Companies (COMAC), petrol prices are projected to climb by between 3.79% and 5.31%, with the average price at the pump likely reaching around GHS14.52 per litre.
Diesel is also expected to increase, selling at about GHS16.00 per litre after a rise of approximately seven pesewas per litre. LPG will see a more modest adjustment, with prices anticipated to rise by between 1.10% and 1.30% per kilogram.
COMAC attributed the looming price hikes to renewed geopolitical tensions that have unsettled global oil markets. Concerns over potential disruptions to crude oil supplies and shipping, especially through the critical Strait of Hormuz, have driven up international prices for crude and refined petroleum products.
The situation has been further compounded by a slight weakening of the Ghana cedi, which depreciated by 0.55% against the US dollar during the pricing period, adding upward pressure on local fuel costs.
The National Petroleum Authority (NPA) has responded by revising its price floors upwards for the period. The minimum price for petrol has increased from GHS12.79 to GHS13.28 per litre, while diesel’s minimum price has risen from GHS13.54 to GHS14.35 per litre.
These developments mark an unexpected shift from earlier forecasts, which had suggested that fuel prices might fall during this window, based on previous trends in international oil prices and currency movements. Instead, motorists will have to brace for higher costs as global and local factors converge to push up prices.
Source: Apexnewsgh.com