Some Oil Marketing Companies (OMCs) have increased the prices of petroleum products at the pumps this morning, November 1, 2022.
Prices of petrol and diesel which were selling at ¢15 and ¢19 per litre respectively a few days ago are now selling at an average of ¢18 and ¢23 per litre.
The OMCs attribute the significant increase to the sharp depreciation of the cedi over the past weeks.
Petrol and diesel both sold at about ¢7.5 per litre in January 2022.
This means the price of fuel has gone up by more than 100% since the beginning of the year.
Meanwhile the Institute for Energy Security (IES) had earlier stated that petrol and diesel prices were expected to go up further to ¢18 and ¢20 per litre by the middle of November 2022.
But this latest increase in the prices of petroleum products indicates that the new prices have come too early.
The increase in prices of fuel have however affected any other commodity in the country.
