Some Oil Marketing Companies (OMCs) have begun reviewing prices of their petroleum products following recent hikes in crude oil prices on the international market, Joy Business has learnt.
The marginal depreciation of the country’s currency has also affected oil prices.
JoyBusiness checks have revealed companies such as Shell and Total have “led the pack” increasing petrol price by almost 8%.
This means that a litre of petrol sold by the two companies is now being sold at ¢4.46 pesewas after the almost 8% increase from the previous price.
Diesel price has also gone up by 5% at the two companies, pushing the price of a litre of diesel to ¢4.33 pesewas.
A gallon of diesel sells at ¢18.58 pesewas, with a gallon of petrol going for ¢20.07 pesewas.
The crude oil price hike on the international market was triggered by the tropical storms that hit US oil-rich state of Texas.
More than 10 refineries in both Houston and Corpus Christi were shut down after an unfathomable amount of rainwater dropped on the two Texas cities.
The increase in petroleum prices in Ghana is the highest in the year, after a marginal drop in March.
But, the National Petroleum Authority (NPA) has said price jumps at the pumps will have to be justified by the OMCs.
NPA’s Director in charge of Pricing, Research and Planning, Alpha Welbeck told Joy Business the Authority will regulate the market to avoid disparity in prices.
She, however, expressed optimism petrol prices will go down in the next window when the international market has stabilised.