A leading oil marketing company GOIL has announced a 40 pesewas per liter increase in the price of petrol, effective December 19, 2024. The new price stands at 14 cedis 75 pesewas per liter, up from the previous price of 14 cedis 35 pesewas.
Despite the decline in international petroleum product prices, the cedi’s fluctuations against the US dollar have led to the price hike. To mitigate this, the Bank of Ghana recently conducted a forward forex auction, providing 20 million dollars to six Bulk Oil Distribution Companies at a fixed exchange rate of 14 cedis 81 pesewas per US dollar.
This intervention aims to stabilize the foreign exchange supply to the downstream petroleum sector, amidst global oil price volatility. Meanwhile, diesel prices remain unchanged at 15 cedis 45 pesewas per liter.
Ruth Abla ADJORLOLO
