Fuel prices to increase by 3.12 percent from next week

Fuel prices are expected to increase by up to 3.12 per cent per litre from next week across various pumps in the country.

The increase is based on figures provided by the Bulk Oil Distribution Companies.

The price of fuel for instance at the Shell Station pump is currently selling at GH¢4.95 per litre.

Ahead of the next week’s increment, the Institute for Energy Security (IES) had projected fuel prices on the local market to increase marginally in the first pricing window of January 2021.

According to the IES, for the period under review, fuel prices have appreciated locally.

“Price of petroleum products within the second Pricing-window of December 2020 saw the majority of Oil Marketing Companies (OMCs) increasing prices of Gasoline and Gasoil at the pump. The current national average price of fuel per litre at the pump is pegged at GH¢4.79,” the IES earlier explained.

On the global market, oil prices fell on Friday, January 15, 2021, as concerns rose about Chinese cities in lockdown due to renewed Coronavirus spikes.

Many oil producers are facing unparalleled challenges balancing supply and demand equations involving vaccine rollouts and renewed lockdowns as a result of the Coronavirus pandemic.

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