Fuel prices have shot up significantly by about 10 percent even before the fortnight review of petroleum products on Sunday, October 30, 2022 by the Oil Marketing Companies (OMCs).
This is coming despite a stable price of crude oil on the world market.
Checks by Joy Business indicate some market leaders such as GOIL and TotalEnergies are selling petrol at ¢13.99 pesewas a liter while Petrosol and Engen, have increased prices for both petrol and diesel astronomically.
Whilst Petrosol is now selling petrol for ¢17.45 pesewas per liter, Engen is selling a liter of petrol for ¢17.54 .
The two OMCs are also now selling a liter of diesel for ¢19. 89 pesewas and ¢19.44 pesewas respectively.
Some Industry players have attributed the surge in prices to recent depreciation of the cedi against the U.S dollar.
An industry analyst told Joy Business that the OMCs can no longer wait for the bi-weekly review of prices of petroleum products because the Bulk Oil Distribution Companies have been selling to them at the current market rate.
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