Fuel Prices To Increase Slightly Beginning Today, December 1

Fuel prices are expected to see a slight increase at the pumps beginning today, December 1, according to the latest outlook report from the Chamber of Oil Marketing Companies (COMAC), which informs pricing decisions across the industry.

Per the projections sighted by JoyBusiness, petrol prices are likely to rise between 1.97% and 3.30%, pushing the average pump price to GH¢12.91 per litre. Diesel is expected to go up between 2.85% and 5.15%, with a projected pump price of GH¢13.37 per litre.

Liquefied Petroleum Gas (LPG) is also anticipated to increase by around 3.10% per kilogram, which could place the price at GH¢13.80 per kg.

COMAC attributes the expected increases to a marginal rise in global prices of refined petroleum products and recent pressure on the cedi. Over the past few weeks, international market data shows petrol rising by 1.26%, diesel by 2.28%, and LPG by 0.07%.

The chamber further warned that diesel prices may continue to rise due to uncertainties surrounding supply.

Additionally, the cedi’s depreciation—from GH¢10.94 to GH¢11.14 over two weeks, a 1.76% decline—has contributed significantly to the projected hikes. Analysts link this pressure to increased corporate forex demand and year-end economic activity.

Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), recently emphasized that the stability of fuel prices in the coming weeks will depend heavily on how well the cedi performs moving forward.

Source: Nkonkonsa.com