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Fuel Prices expected go up by about 2% from Thursday

Fuel prices are expected to witness some marginal increase from this Thursday 1st July, 2021.

This is because of the rising price of crude oil on the international market despite the cedi remaining relatively stable to the dollar.

It has culminated in a new price list from the bulk oil distribution companies to the OMCs, beginning from this Thursday.

The bulk distributors of the products are linking the increment to the rising price of finish products on the international market.

According to data obtained by Joy Business, a litre of diesel and petrol should be increased by just under 2%. This means a liter of petrol will be sold at 6 33 pesewas.

With regard to gallons, it will also be sold at ¢28.48 per gallon for both petrol and diesel.

It is unclear whether the OMCs will absorb the expected price increment which is very marginal.

Projections are that the price of fuel is expected to go up in the coming months if government does not provide any subsidy.

The present price buildup of fuel is determine by the deregulation policy in 2015.

Fuel price up from the National Petroleum Authority

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PBU Effective 16th June 2021 (27th May 2021 – 11th June 2021 Averages) Estimate for PBU Effective 1st July 2021 (12th June 2021 – 26th June 2021 Averages) % Change
FX Rate (Commercial Banks Average)(USD/GHS) 5.8494 5.8687 0.33%
Crude Oil (USD/BBL) 70.45 74.27 5.42%
Petrol (USD/MT) 671.66 694.35 3.38%
Gasoil (USD/MT) 576.93 597.08 3.49%
LPG (USD/MT) 518.30 560.70 8.18%
Jet/Kerosene (USD/MT) 596.89 618.20 3.57%
Fuel Oil (USD/MT) 436.80 454.28 4.00%

Source: Ghana News

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