Oil Marketing Companies peg fuel prices at GH¢3.47

A number of Oil Marketing Companies (OMC) on Monday pegged the retail prices petroleum products at Filling Stations at GH¢3.47 per litre for petrol and GH¢3.37 per litre for diesel.

A survey conducted by Ghana News Agency revealed that Total Petroleum, Agapet Oil Company Limited; Allied Oil Company Limited; and Crown Petroleum Ghana Limited all quoted GH¢3.47 per litre for petrol and GH¢3.37 for diesel.

Others who are quoting the same prices are: Sky Petroleum Company Limited; Star Oil Company Limited; Glory Oil Company Limited; Glee Oil Company Limited; Universal Oil Company Limited; Union Oil Company Limited; Grace Petroleum Oil Marketing Company.

Ghana Oil Company Limited (GOIL) however is quoting the lowest prices of GH¢3.33 per litre for petrol and GH¢3.24 per litre or diesel in spite of the four per cent increment as announced by the National Petroleum Authority (NPA).

Deregulation of petroleum products took effect on June 16, according to the NPA.

In a statement issued by Chief Executive Officer of the Authority Mr Moses Asaga, the development constitutes the first processes towards the implementation of the petroleum product price deregulation.

“The implementation of this first stage of price deregulation will continue into subsequent pricing windows while the Authority reviews the existing legal framework of petroleum products pricing towards a smooth implementation of the full steps of petroleum products price deregulation in Ghana,” the statement said.

The OMCs have displayed their ex-pump prices at their retail outlets to allow the NPA monitor “the application of the Prescribed Petroleum Pricing Formula to ensure that all petroleum service providers apply the formula in the right way and defaulters will be duly sanctioned.”

Source: GNA