Petroleum products will see a huge increase in price starting Wednesday, March 16, with consumers expected to spend $11 per litre.
The scenario has been attributed to market instability as well as the increased cost of petroleum on the international market, according to Bulk Oil Distributors.
According to Senyo Hosi, the cedi, which is falling against other major trading currencies, is also contributing to the surge in commodity prices.
“This isn’t so much with crude as it is with things sold by the metric tonne.” You’re actually breaking the pair and, depending on the product and how the OMCs want to add margins to their present prices, certainly breaking 11.
“What you see from the OMCs publication is fairly representative of what the market scenario is,” he added, “and I believe a portion of it has to do with some of the onset spikes around our current cedi concerns.”
Oil prices have risen to their highest level in more than a decade as a result of Russia’s invasion of Ukraine, and are on the approach of breaking new records, with crude prices expected to climb as high as 185 dollars per barrel.
According to the Institute for Energy Security’s (IES) forecasts for the March 2022 Second Pricing Window, which will run from March 16, 2022, to March 31, 2022, the price of Liquefied Petroleum Gas (LPG) would rise by 3%, while petrol and diesel will rise by 5% and 9%, respectively.
Meanwhile, the National Petroleum Authority (NPA) claims that oil marketing companies (OMCs) are not changing their pump prices beyond the indicated amounts provided to the agency.