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Scary! Fuel prices up again by about 11%

Consumers of petroleum products should expect to pay more for petrol, diesel, and LPG gas starting on Thursday, June 16, 2022.

According to a Joy Business study, the price of a litre of diesel is predicted to rise by 11.14 percent, while the price of petrol is expected to rise by 13 percent.

Data from the Bulk Oil Distribution Companies further indicate that even though crude oil price has been stable on the world market, the cost of refining the products is going up.

This situation means that 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 an increase rate of inflation and cost of living.

Petrol is currently being sold on the market for about ¢10.10 per litre, whereas diesel is going for ¢12.20.

In a related development, the Ghana Oil Company (GOIL) has supported the 2022 edition of the Green Ghana Project with an amount of GHS500,000.

The donation was made by a GOIL delegation led by the Group CEO, Mr. Kwame Osei Prempeh to the Deputy Minister for Lands and Natural Resources, Benito Owusu-Bio who is also the Chairman of the National Green Ghana Planning Committee at the premise of the Ministry on Tuesday, June 14, 2022.

Mr. Prempeh explained the motivation behind the donation, saying that the company is willing to be a part of anything that takes the country forward, and that the government’s reforestation program, the Green Ghana project, is one such initiative that should be supported.

Our trade is selling fuel, and we know that fuel pollutes the environment so planting trees will help to absorb the carbon dioxide and make our oxygen cleaner so we can have a healthy life,” he said.

He noted that GOIL, as a Ghanaian-owned company, is well aware of the Green Ghana project’s significant contribution to environmental sustainability.

Reiterating the old adage that “when the last tree dies, the last man dies,” Mr. Prempeh emphasized the importance of tree planting and stated that his organization believes it is vital to support an effort that will protect the environment and human lives in the long run.

Dj Citrus

I'm a radio Dj,blogger,teacher and entertainment critic who loves music and like promoting creative art to the world.

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