Motorists should brace for higher fuel prices as more Oil Marketing Companies (OMCs) are expected to adjust their pump prices from today, following another upward review by Star Oil amid rising international petroleum prices.
The latest increase comes just days after Star Oil revised its prices on August 1, raising petrol from GH¢14.47 to GH¢14.53 per litre and diesel from GH¢17.67 to GH¢18.77.
Checks by JoyBusiness on Monday morning show the company has implemented another increase.
Petrol has now been raised from GH¢14.53 to GH¢15.57 per litre, while diesel has moved from GH¢18.77 to GH¢18.97 per litre.
The development signals mounting pressure on Ghana’s downstream petroleum market, with industry players pointing to persistent volatility in global crude oil and refined petroleum product prices.
Sources familiar with Star Oil’s operations told JoyBusiness that the latest adjustment was driven by current price movements on the international market.
Star Oil has traditionally positioned itself among the OMCs offering some of the most competitive fuel prices in the country. However, the latest review suggests that even low-cost retailers are beginning to feel the impact of global market pressures.
Industry pricing trends also indicate that diesel could soon approach GH¢19 per litre, with some projections suggesting it could even reach GH¢19.20 if international prices continue their upward trajectory.
The latest adjustments are also expected to trigger similar price reviews across the sector, as other OMCs respond to the rising cost of importing petroleum products.
Market watchers say pump prices will remain under pressure for as long as crude oil prices and the cost of finished petroleum products continue to climb on the international market.
Despite the fresh increases, sources close to the National Petroleum Authority (NPA) have dismissed concerns that Ghana could return to the era of daily fuel price adjustments, insisting there are no plans to reintroduce such a pricing regime.
The latest price reviews come as consumers and businesses grapple with rising transport and operational costs, with fuel prices remaining one of the key drivers of inflation and the cost of living.
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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
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