Star Oil and GOIL assure no fuel price increase for new window

Oil Marketing Companies (OMCs) Star Oil and GOIL PLC have assured motorists that they will not increase fuel prices during the new pricing window that begins Thursday, October 1.

The assurances come at a time when petroleum consumers are bracing for possible increases following sharp rises in international petroleum prices and pressure on the Ghana cedi.

The Chief Executive Officer of GOIL PLC, Edward Abambire Bawah, announced the company's decision in a social media post on Thursday.

“No price increase this window! At GOIL, we give you more than stable prices — trusted quality and real value for every cedi,” he wrote.

His assurance follows a similar announcement by Star Oil Chief Executive Officer Kwame Tieku, who said the company would also maintain its existing prices for the new window.

“StarOil will not increase prices for this window to help cushion petroleum consumers! Keep saving Starsavers!” Mr Tieku said.

The decisions by the two OMCs come after COPEC projected that diesel could increase by 22.91%, from an average of GH¢18.24 to GH¢22.42 per litre, while petrol could rise by 5.21% from GH¢16.90 to GH¢17.78.

COPEC attributed the projected increases mainly to a rise in international petroleum prices and a marginal depreciation of the cedi against the US dollar.

It said crude oil prices had risen from US$103.07 to US$124 per barrel during the pricing window, while the cedi depreciated by about 1.20% against the dollar.

Meanwhile, the government has announced measures to cushion diesel consumers, including the suspension of the GH¢1-per-litre Energy Sector Shortfall and Debt Repayment Levy (D-Levy) on diesel for October and November, while maintaining a total GH¢2-per-litre relief.

The National Petroleum Authority (NPA) has also increased the price floors for the new window, with diesel moving from GH¢16.77 to GH¢17.97 per litre and petrol from GH¢16.00 to GH¢16.45.