Fuel Prices Increase

Multiple oil marketing companies (OMCs) have initiated the process of increasing petroleum product prices at  stations.

Notably, TotalEnergies has adjusted the price of petrol from ¢12.45 per litre to ¢13.50 per litre. Similarly, the cost of diesel has risen to ¢13.90 per litre from the previous rate of ¢12.45 per litre.

Goil, a significant player in the market, has also followed suit by raising petrol prices to ¢13.50 and diesel to ¢13.90 per litre.

It’s expected that other OMCs will also make adjustments to their prices.

In a discussion on Opemsuo Radio’s Nkwantannanso with George Adjei on August 16, Mr. Sampson Addae, the Research and Monitoring Officer at the Chamber of Petroleum Consumers (COPEC), explained that the primary reason behind the increased petroleum prices is the inoperability of the Tema Oil Refinery (TOR).

According to him, Ghana ships its crude oil to other countries for refining and then purchases the final product, incurring charges and taxes in the process.

“Despite having discovered oil in Ghana, the Tema Oil Refinery has not been functional since 2017. So, when we extract the oil, we send it abroad for refining and buy the finished product. This involves expenses for shipping and refining in dollars, followed by purchasing the end products with additional charges. When all these costs, along with taxes, are calculated, it significantly raises the price.”

He also noted that the appreciation of the Ghanaian cedi has helped to keep the price from being even higher.

Mr. Addae emphasized that the only effective way to control petroleum product prices is for Ghana to refine its own oil.

Story by Adwoa S. Danso