Consumers of petroleum products should brace themselves for another price hike starting Friday, May 3, 2024.
State-owned GOIL has announced an increase in petroleum product prices effective May 3, 2024, aligning with the first pricing window for the period.
The Oil Marketing Company (OMC) is now offering petrol at GH¢15.22 per litre, while diesel is priced at GH¢14.65 per litre across its pumps.
It is anticipated that other OMCs in the country will also adjust their prices to conform with the pricing window for May.
This increase comes despite the National Petroleum Authority (NPA) announcing a new minimum pricing for certain petroleum products from May 1 to May 15, 2024.
In a circular addressed to Oil Marketing Companies (OMCs) and Bulk Oil Distribution Companies, the price for petrol will be set at GH¢13.63 per litre, a slight uptick from the previous GH¢13.02.
This adjustment is part of the NPA’s strategy to prevent undercutting in the market and maintain stability in the petroleum industry.