The second-pricing window of the month of June is expected to commence with a 11% and 13% jump in the price of diesel and petrol respectively.
The anticipated jump in the prices of the two petroleum products is based on data secured from Bulk Oil Distribution Companies (BDCs) in the country.
The expected increase in fuel prices at the pumps, is believed to be the result of increased cost of refining petroleum products given that the price of crude oil has been fairly stabilised on the international market.
This situation means the Oil Marketing Companies (OMCs) are likely to increase fuel prices on the market.
However, from what happened during the last pricing window, some OMCs had to renegotiate with the BDCs to reduce their prices.
This situation may occur again and therefore the margin of increment will reduce.
Meanwhile, any increment in fuel prices could force commercial transport operators to increase their fares, and this consequently will lead to increased rate of inflation and cost of living.
Presently, petrol is being sold on the market for about GHS 10.10 per litre, whereas diesel is going for GHS 12.20.
With the anticipated increment, a litre of petrol is expected to be sold at GHS 11.21, whereas a litre of diesel is expected to sold at GHS 13.78.
Source:norvanreports