Fuel prices set to rise from July 16 as petrol nears GHS14.52 per litre

Motorists are expected to pay more for fuel from Thursday, 16 July, with petrol, diesel and liquefied petroleum gas (LPG) all projected to record price increases during the second pricing window of July.

According to the latest pricing outlook by the Chamber of Oil Marketing Companies (COMAC), petrol is expected to increase by between 3.79% and 5.31%, with the pump price likely to reach about GHS14.52 per litre. Diesel is projected to sell at around GHS16.00 per litre after an increase of about seven pesewas per litre, while LPG is also expected to see a marginal increase of between 1.10% and 1.30% per kilogram.

COMAC attributed the expected increases to renewed geopolitical tensions, which have pushed up international crude oil and refined petroleum product prices amid concerns over supply disruptions and shipping through the Strait of Hormuz.

The chamber also noted that the Ghana cedi weakened slightly during the pricing period, depreciating by 0.55% against the US dollar.

The National Petroleum Authority (NPA) has also revised its price floors upwards for the second pricing window of July. The minimum price for petrol has increased from GHS12.79 to GHS13.28 per litre, while diesel has risen from GHS13.54 to GHS14.35 per litre.

The latest projections mark a reversal from earlier expectations that fuel prices would fall during the period, following changes in international oil prices and movements in the exchange rate.

Source: classfmonline.com