Two percent fuel price increment expected from July 1

Consumers of petroleum products are expected to witness a two percent increment from Thursday July 1, 2021, Joy Business has reported.

According to the report, the marginal increment in prices is due to the increasing price of crude oil on the international market. It will translate to a litre of petrol being sold at ¢6.33 while a gallon will be sold at GH¢28.48 for both petrol and diesel.

The expected increment, which comes despite the local currency having remained relatively stable against the dollar, is likely to affect transport prices and cost of goods and services.

The new pricing list according to Joy Business was released by the Bulk Oil Distribution Companies (BDCs) and is set to take effect from July 1, 2021.

Meanwhile, the Oil Marketing Companies are yet to determine whether it will absorb the projected fuel price increment.

Market watchers have also projected that fuel prices will hit peak levels should government not offer fuel subsidies.