Fuel Prices Expected To Go Up By About 2% From July 1

Fuel prices Fuel prices

Fuel prices are expected to witness some marginal increase from Thursday July 1.

This is because of the rising price of crude oil on the international market, despite the cedi remaining relatively stable to the dollar.

It has culminated in a new price list from the Bulk oil Distribution Companies (BDCs) to the Oil Marketing Companies (OMCs), beginning Thursday.

The bulk distributors of the products are linking the increment to the rising price of finished products on the international market.

According to data obtained by Joy Business, a litre of diesel and petrol should be increased by just under 2%. This means a litre of petrol will be sold at ¢6.33. A gallon will also be sold at ¢28.48 for both petrol and diesel.

It is unclear whether the OMCs will absorb the expected price increment, which is very marginal.

Projections are that the price of fuel is expected to go up in the coming months if government does not provide any subsidy.

The present price buildup of fuel, is determined by the deregulation policy in 2015.

Source: Joy Business