Several Oil Marketing Companies (OMC) have started increasing the prices of petroleum products at the pumps following the commencement of the second pricing window in May.
Shell has raised the price of a litre of petrol and diesel from 14.69gh to 14.79gh.
State-owned Goil has also made a slight adjustment, with a litre of petrol now at 14.55gh, up from 14.40gh, and diesel now at 14.70gh, up from 14.65gh.
Meanwhile, Total Energies has maintained its prices, selling a litre of both petrol and diesel at 14.65gh.
It remains uncertain whether more Oil Marketing Companies will follow suit and increase their prices.
This comes despite market analysts predicting potential relief for consumers due to declining average international petroleum prices.
Analysts attributed the price adjustments to the depreciation of the Cedi against the US dollar, which significantly impacts the pricing of petroleum products.
The National Petroleum Authority (NPA) earlier introduced new minimum prices for petroleum products that will be in effect from May 1 to May 15, 2024.
According to a circular issued to Oil Marketing Companies (OMCs) and Bulk Oil Distribution Companies, the minimum price for a liter of petrol is set at GH¢13.63.
This is slightly higher than the previous price floor of GH¢13.02, which the NPA announced on April 16, 2024.
The price floor for diesel remains unchanged at GH¢13.07 per liter.
Additionally, the NPA mandated that the minimum price for a kilogram of Liquefied Petroleum Gas (LPG) should not be less than GH¢10.55 pesewas.
This adjustment marks a rise from the previous rate of GH¢10.52 noted on April 16, 2024.