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Petrol & diesel prices shoot up

There has been marginal increase in petroleum products at the pumps due to the depreciation of the cedi.

Some Oil Marketing Companies (OMCs) have started increasing the prices of petroleum products at the pumps

The price of petrol per litre is going for about ¢13.90, from ¢12.40, whilst that of diesel is selling at about ¢15.60 per litre, from about ¢13.70.

The prices are, however, slightly lower at some OMCs.

It is unclear whether the price of Liquefied Petroleum Gas (LPG) will go up or remain stable.

According to the Institute for Energy Security (IES), the expected surge in fuel prices is a result of the rise in the prices of petroleum products on the international market and the depreciation of the cedi.

“Following the 8.69% rise in the price of gasoline [petrol] and 2.19% in the price of LPG [liquefied Petroleum Gas], together with the 9.89% depreciation of the local currency against the US dollar, the Institute for Energy Security (IES) projects a rise in price for products at the various pumps”.

 

Source: Myxyzonline.com

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