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Fuels prices to go up again by 2% from July 1, what you need to know

“Ghana has not gone back to the days of dumsor, we’re just doing maintenance works” – President Akufo-Addo assures
Ghana has not gone back to the days of dumsor

Last Updated on June 29, 2021 by MyGh.Online

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Fuel prices are expected to witness some marginal increase from Thursday, July 1, Joy Business reports.

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 (BDCs) to the Oil Marketing Companies (OMCs), beginning Thursday.

The bulk distributors of the products are linking the increment to the rising price of finished 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 litre of petrol will be sold at ¢6.33. A gallon will also be sold at ¢28.48 for both petrol and diesel.

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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 the government does not provide any subsidy.

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

Fuel price up from the National Petroleum Authority

NPA logo 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%
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