Some oil companies have raised petrol and diesel prices at their service stations, reflecting ongoing challenges in the global energy market.

Allied Oil kicked off the wave of increases on October 16, 2024, with petrol now priced at GH₵12.73 per litre and diesel at GH₵13.73.

While the rise is modest, it is part of a broader trend of price hikes that have hit the industry this month.

Shell followed, pushing its petrol prices up by about 7%, now selling at GH₵14.72 per litre.

Diesel at Shell has also risen by 4.45%, hitting GH₵14.99 per litre.

On October 17, Goil, the market leader, joined the list of OMCs upping their prices.

Petrol saw a 7.89% spike, now retailing at GH₵14.49 per litre, while diesel climbed by over 4%, with prices at GH₵14.90 per litre.

Star Oil, the second-largest OMC, raised its petrol price by over 7% to GH₵13.99 per litre, while diesel prices jumped by 3.42% to GH₵14.19 per litre.

As more OMCs prepare to adjust their prices, further hikes are anticipated in the coming days.

Petrol has taken the biggest hit, with prices rising by more than 7%, while diesel has climbed over 4%.

OMCs are attributing these changes to rising crude oil prices on the global market, coupled with the depreciation of the cedi, which puts additional pressure on fuel costs.

Over the past two days, crude oil prices on the international market have dipped, with Brent Crude falling from over $80 per barrel to between $73 and $99 on October 17.