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Increase of fuel prices at the pumps to take effect on June 1

Increase of fuel prices at the pumps to take effect on June 1

Prices of petroleum products are expected to go up from Monday 1st June 2020 according to a release issued by the National Petroleum Authority(NPA).

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This follows about a 23% increase in Brent crude, from US$27.36 to US$33.72 because of increasing demand as the COVID-19 pandemic slows down. At the same time, the local currency the cedi has lost marginal grounds against the US dollar.

The increase in fuel prices will obviously push the cost of living slightly up and therefore reduce people’s disposable income.

Going by the 23.25% surge in price of Brent crude oil, in addition to the 4.80% and 22.68% significant rise in the prices of petrol and diesel on the international market, the Institute of Energy Securities foresees prices of fuel on the domestic market going up, and above April 2020 levels.

It added that the marginal depreciation of the local currency would also be another determinant for the Bulk Oil Distribution Companies (BDCs) in selling to the Oil Marketing Companies, and that would definitely reflect at the pump

Presently, one gallon of petrol is going for about GHS18, compared with the about GHS22 in February and early March 2020, whilst one gallon of diesel is going for about GHS17.50.

Meanwhile, Total, Shell (Vivo), GOIL, Allied Oil, Star Oil, Petrosol and Puma Energy joined other OMCs to maintain prices at the pump during the last pricing review on 15th May, 2020.

Within that period, Zen Petroleum, Benab Oil, Nick Petroleum, Radiance, Champion, Cash Oil and Santol maintained their status as the OMCs that sold the least priced petrol and diesel on the local market.

Source:MyNewsGh.com

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