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.
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.”