A fresh fuel price increase in Ghana is expected from Wednesday, September 16, with petrol prices projected to climb by between 7.75% and 9.63%, according to the Chamber of Oil Marketing Companies.
COMAC’s outlook for the September 16 to September 30 pricing window also projects diesel increases of between 4.26% and 6.97%. Liquefied Petroleum Gas could rise by between 0.85% and 3.22%.
Actual prices will differ among oil marketing companies as firms weigh their costs, margins and competitive positions.
Diesel intervention offers some cushion
Diesel users may avoid the full impact of the international market shock because of an ongoing government and industry intervention.
“The government industry intervention will continue to moderate diesel price increases,” COMAC said.
The expected adjustments arrive at a difficult moment for motorists, commercial drivers and businesses already dealing with rising transport and operating costs. Petrol faces the steepest projected pump increase despite international LPG prices recording the sharpest jump.
Crude oil crosses US$100
Average crude oil prices rose by 12.29% to US$104.01 per barrel for the new pricing window, crossing US$100 for the first time since May.
COMAC linked the surge to attacks on vessels in the Gulf and the closure of Saudi Arabia’s East West crude pipeline. The disruption has placed about four million barrels of daily supply at risk amid renewed United States and Iran tensions and Houthi activity.
Prices of refined products rose sharply too. International petrol prices increased by 13.21%, diesel by 7.50% and LPG by 16.42%.
The cedi offered little protection. It depreciated by 1.01% to an average GH¢11.4849 to the dollar between August 27 and September 11. Bank of Ghana intervention helped calm the foreign exchange market, but could not erase the combined pressure from a weaker currency and costlier fuel imports.
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