Numerous Oil Marketing Companies (OMCs) across the country have raised the prices of petroleum products at their service stations.
On October 16, 2024, Allied Oil led the charge with petrol priced at GH₵12.73 per litre and diesel at GH₵13.73, marking a slight increase from the prices noted on October 1, 2024.
Shell also joined in on the price hikes, now selling petrol at GH₵14.72 per litre, reflecting a 7 percent increase from the initial pricing window of October 2024. Diesel prices have risen by 4.45 percent, now at GH₵14.99 per litre.
Following suit, market leader Goil announced another price increase on October 17, 2024. Goil now charges GH₵14.49 for petrol, an increase of 7.89 percent, while diesel is priced at GH₵14.90, more than a 4 percent rise compared to previous prices set on October 9, 2024.
Star Oil, the second-largest oil marketing firm, has also increased its prices, selling petrol at GH₵13.99 per litre—over a 7 percent rise from its earlier pricing—and diesel at GH₵14.19, which is up by 3.42 percent.
Reports from JOYBUSINESS indicate that further price adjustments from more OMCs are anticipated in the coming days.
Per the reports petrol has experienced the most significant price increase among major oil marketing firms, with prices rising over 7 percent, while diesel saw increases of more than 4 percent per litre.
Many OMCs attribute these hikes to the rising costs of crude oil and finished petroleum products in the international market, as well as recent fluctuations in the cedi’s value.
Interestingly, crude oil prices in the international market have seen a decline over the past two days. On October 17, 2024, Brent Crude was priced between US$73 and $99 a barrel, a considerable drop from over $80 per barrel in recent weeks.
Energy expert Benjamin Nsiah shared with JOYBUSINESS that he expects prices to remain stable or potentially decrease slightly in the coming month.
“You must have heard concerns raised by me this morning when I sort the leave of the court to discard the notion that the plaintiffs are the ones orchestrating a delay in the hearing of this case. My reason for doing so was very clear.
“At the ordinary sitting of the Supreme Court on July 17, 2024, my contention was upheld by the Supreme Court that until the defendants filed their statement of the case, we, the plaintiffs, will not be in a position to distil issues for the filing of a memorandum of issues.
“You will agree with me that this morning’s application by the first defendant was to the effect that they have not filed and require some extension of time to file, meaning that the delay is not orchestrated by us and so I don’t know why someone should give the impression that it is us [the plaintiffs] delaying the process.”