Some Oil Marketing Companies (OMC) have started increasing prices of petroleum products at the pumps from August 1, 2023.
GOIL is selling a litre of petrol at ₵12.95 from its previous price of ₵12.40.
Diesel is also selling a litre at ₵12.95 from its old price of ₵12.45.
The increase can be attributed to the sudden increase in prices of finished petroleum products on the international market as well as some supply issues on the world market.
Some industry watchers say this is the biggest hike in prices of finished petroleum products on the international market since January 2023.
The situation could cause inflation to go up as prices of fuel is an important component in the inflation basket.
Source: Myjoyonline