Some Oil Marketing Companies (OMCs) have increased fuel prices ahead of the upcoming bi-weekly pricing window, reflecting mounting pressure in Ghana’s downstream petroleum sector.
The price adjustments follow a sharp rise in global crude oil prices, which have climbed above “$100 per barrel”—their highest level in several months—due to escalating tensions in the Middle East. The conflict has heightened concerns over possible supply disruptions through the Strait of Hormuz and other key shipping routes.
The increase in crude oil prices has driven up the cost of refined petroleum products on the international market, while higher freight and insurance costs have further raised the expense of fuel imports.
Effective Thursday, July 23, state-owned GOIL raised the price of petrol to “GH¢14.38 per litre”, while diesel now sells for “GH¢17.41 per litre.”
Star Oil has also revised its prices upward, with petrol increasing from “GH¢13.97 to GH¢14.17 per litre” and diesel rising from “GH¢16.95 to GH¢17.37 per litre.”
Industry analysts attribute the latest price hikes to the recent depreciation of the cedi against the US dollar, as well as taxes and levies embedded in Ghana’s petroleum pricing structure.
They caution that if the conflict in the Middle East worsens and crude oil prices continue to rise, motorists and businesses could face additional fuel price increases in the next pricing windows.
By: Prince Martey-Sogar