The first fuel pricing window in November has commenced with varying strategies from Oil Marketing Companies (OMCs) in Ghana. Some companies have increased prices, while others have maintained their previous rates, despite the weakening cedi and rising global petroleum prices.
The cedi’s poor performance against major currencies and skyrocketing global refined petroleum prices have driven OMCs to adjust prices. Since October’s first pricing window, prices have been on the rise.
Allied Oil has increased its petrol price from 13.60 to 13.65 per liter, while maintaining its diesel price at 13.99. In contrast, Star Oil has kept its prices unchanged for petrol (13.99) and diesel (14.19).
Analysts attribute Allied Oil’s price hike to global price increases impacting its cost structure. Star Oil’s decision to maintain prices may be a temporary absorption of fluctuations to sustain customer loyalty.
The mixed pricing strategies among OMCs reflect the complex interplay of factors, including the cedi’s performance and global market prices. As the November pricing window unfolds, consumers and market watchers will closely monitor price movements.
Ruth Abla ADJORLOLO
