Fuel price goes up; GOIL sells diesel at GHS15.45 and petrol at GHS14.64

Ghanaians are now paying more at the pump, as GOIL and other petroleum companies adjust prices to reflect recent market dynamics.

Starting from November 1, 2024, Allied Oil initiated the rise in fuel prices, raising the cost of petrol from GHS13.60 to GHS13.65, while holding diesel at GHS13.99 per liter, as captured on Cedirates.com.

Subsequently, GOIL officially announced on its social media platforms that new prices for its products would take effect on Saturday, November 2, 2024, at 6:00 a.m.

GOIL’s latest prices now place the cost of Diesel XP at GHS15.45 per liter, a 3.7% increase from the previous price of GHS14.90.

Petrol, known as Super XP, is up to GHS14.64, marking a slight increase from GHS14.49.

Super XP 95, a premium petrol variant, is now being sold at GHS15.59 per liter, an increment from GHS15.49 previously.

While an official explanation has yet to be given for the recent increase, industry watchers speculate that a combination of factors, including global oil prices and exchange rate pressures, are likely influencing the hike.

According to data from GlobalPetrolPrices.com as of October 28, 2024, the average global price of gasoline was reported at 1.26 U.S. dollars per liter, though with significant variation across regions.

The report notes that wealthier countries generally experience higher prices, while countries that produce and export oil typically have lower costs.

Impact on Consumers and Industry Responses:
For many in Ghana, these price increases come as an added burden, affecting both personal budgets and the cost of goods and services, as transport fares and production costs in various sectors are likely to rise.

Higher fuel prices impact businesses, from logistics and transport to agriculture, placing strain on Ghana’s economy, where high inflation and currency depreciation are already challenging for households and businesses alike.