Some Oil Marketing Companies (OMCs) have started increasing fuel prices at the pumps from today, Wednesday, February 1, 2023 as anticipated.

Goil, which happens to be one of the market leaders is now selling a litre of petrol at ¢15.25, from the previous ¢13.60. Diesel on the other hand is selling at ¢15.90 per litre, from the previous ¢15.52.

Other OMCs are expected to follow suit by announcing new fuel prices later today.

Ahead of the announcement of increases in fuel prices today, the Institute for Energy Security (IES) predicted between 7% and 13% jump in the prices of petrol, diesel and Liquefied Petroleum Gas (LPG), from February 1, 2023, for the next two weeks.

According to the IES, the rise in domestic fuel prices, is due to the sharp depreciation of the cedi during the last two weeks and the rising international fuel prices as observed on the global S&P Platts platform.

The energy think tank pointed out that the increase in fuel prices would be occasioned in spite of government’s receipt of approximately 41,000 metric tonne of diesel under its “Gold for Oil” programme