Fuel prices rise as Star Oil raises petrol to GH¢16.77, diesel to GH¢17.77

Fuel prices across Ghana have risen as Star Oil increased the cost of petrol and diesel. The OMC raised the price of petrol from GH¢15.17 to GH¢16.77 per litre, a 6.2% increase effective September 16. Diesel prices also climbed from GH¢16.97 to GH¢17.77 per litre, a 4.71% hike. Star Oil cited higher international petroleum prices and a slight devaluation of the cedi as reasons for the adjustment.

Other oil marketing companies are expected to review their prices soon, though some may wait to see how competitors respond. GOIL's CEO, Edward Bawa, stated his company would carefully assess the market before raising prices, focusing on protecting consumers from rising costs. With over 200 OMCs in Ghana, only a select few are anticipated to raise prices immediately, while others will make adjustments later in the week.

The recent hikes may prompt the Ghana Private Road Transport Union to push for higher transport fares due to concerns over escalating operational expenses. The Chamber of Oil Marketing Companies linked the price increases to surging international crude oil and refined product costs, as well as the weakening cedi. The government's GH¢2 diesel subsidy slightly mitigated the impact, preventing further hikes.

The National Petroleum Authority raised the price floor for petrol and diesel, imposing a minimum price that OMCs cannot sell below, excluding additional margins determined independently by each company.