Prices of petroleum products will move up further at the pumps from Tuesday 16th June, 2020,
However, the possible upward price adjustments may not be close to the increases experienced during the last two weeks, the Institute of Energy Security (IES) has stated.
The expected increment has become possible due to the increase in the price of Brent crude by 16.19%, plus the 15.35% and 15.79% increment in the prices of petrol and diesel respectively, as well as slight depreciation of the cedi to the dollar.
Brent crude moved above the US$35 per barrel during the last pricing window on June 1st, 2020 and is going for about US$43 on the international market. The cedi also depreciated by about 0.18% to the dollar in the last review period, trading at an average price of US$5.72 to the US dollar.
Market watchers believe other Oil Marketing Companies may hesitate to increase prices at the pump, owing to competition for market share.
During the last pricing window, giants such as GOIL, Shell and Total increased the prices of petrol and diesel to an average of GHS4.44 per liter, representing an average of 7.77% increase.
Within the period, Santol, Benab, Nick Petroleum, Radiance, Champion and Cash Oil joined Zen Petroleum as OMCs that sold the least priced petrol and diesel on the local market.
Source:MyNewsGh.com
