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Petrol now sells at ¢13.90 with diesel going for ¢15.60 per litre

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Some oil marketing companies (OMCs) have begun increasing the pricing of diesel and other petroleum products that are sold at the pump.

The devaluation of the cedi and a little rise in the price of crude oil are the two factors that have contributed to the tiny increase. It has been roughly a month since the last one.

The price of a liter of petrol has increased to around 13.90 from approximately 12.40, while the price of a liter of diesel has increased to approximately 15.60 from approximately 13.70.

However, the pricing may be found at some OMCs at a slightly more affordable level.

It is not possible to predict with certainty whether the price of liquefied petroleum gas (LPG) will continue to rise or stay the same.

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Prior to this, the Institute for Energy Security had published research predicting that, in the absence of any action on the part of the government, the price of a liter of petrol will increase by between 5% and 9% on January 16, 2023.

According to the IES, the anticipated increase in petrol costs is going to occur as a direct consequence of two factors: the appreciation of the dollar relative to the cedi and the rise in the pricing of petroleum products on foreign markets.

“The Institute for Energy Security (IES) projects a rise in price for products at the various pumps,” as a result of “the 8.69% rise in the price of gasoline [petrol] and the 2.19% rise in the price of LPG [liquefied petroleum gas], together with the 9.89% depreciation of the local currency against the US dollar.”

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