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As the Chamber of Petroleum Consumers- COPEC last week predicted, some Oil Marketing Companies (OMCs) operating in the country have increased the prices of their petroleum products effective today, May 2, 2016.
Checks by Pulse Business this morning revealed that some of the OMCs had increased their prices as high as 5 percent.
Shell, for example, has increased the price of Petrol from 3 cedis 47 pesewas per litre to 3 cedis 59 pesewas a litre.
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Shell also increased the price of diesel from 3 cedis 29 pesewas to 3 cedis 39 pesewas per liter.
The increment is part of a two week price review window, following the full deregulation of the petroleum downstream sector.
OMCs are blaming the current hikes on the rise in the prices of oil on the international market currently at 46 dollars per barrel. However, COPEC is dissatisfied with the increment and the reasons given, citing the fact that exchange rates, which are a major decider of petroleum prices locally, have remained stable.