Recent report published by the Institute for Energy Security (IES), has revealed that domestic fuel prices are set to experience a third consecutive increase. The report, which reviews the pricing trends during the first window of August 2023, sheds light on the performance of the local fuel market and its implications for consumers.
According to the IES report, Oil Marketing Companies (OMCs) operating in the country implemented price hikes for petroleum products during the first pricing window of August. The extent of these price increases varied across different OMCs, but the nationwide average showed a rise of approximately GH¢0.53 per litre for Gasoline and GH¢0.48 per litre for Gasoil.
The report also highlights specific OMCs that stood out for their pricing strategies. Among the OMCs that managed to offer relatively lower prices to consumers over the last two weeks were Goodness, Benab, Star Oil, Nagamni, Zen Petroleum, and others, as compiled by the IES market scan.
“Monitoring the price performance over the 2 weeks period, the Institute for Energy Security (IES) national price averages of petroleum products stands GH¢12.62p for Gasoline, GH¢12.34p for Gasoil and Liquid Petroleum Gas (LPG) GH¢10.60p per kilogram. Goodness, Benab, Star Oil, Nagamni, Zen Petroleum, and as OMCs that sold at the least price on the domestic fuel market over the last 2 weeks as compiled by IES market scan,” the report indicated.
This recent report from the Institute for Energy Security points to a continuous trend of rising fuel prices in the domestic market.