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Business News of Friday, 18 February 2022


AOMCs worried over constant hikes in fuel prices

Fuel price increases Fuel price increases

Fuel prices on the increase

Fuel prices to cross GH¢8 mark

Highest form of fuel increment yet, AOMC

Some oil marketing companies have started increasing prices at the pumps.

Petrol and diesel are currently selling at GH7.99 at Total.

The association of Oil Marketing Companies is lamenting the incessant increases saying it is having dire effects on their businesses.

CEO of the Association of Oil Marketing Companies, Kwaku Agyemang Dua speaking to CitiBusiness News stated that the recent price hikes have made it difficult for them to meet their targets.

“Basically, it makes it very difficult for us to redeem our full margin. The margin includes the cost of our return on investment and some project description. We’re unable to sell at the price that we’re supposed to sell again.”

Continuing, he said, “this is certainly not good for us at all. And this is the first time this is happening in the last seven years. This is the highest kind of rate of increment we’ve all witnessed, so it’s not fine with us, It’s pretty difficult.”

Experts say this is as a result of rising crude oil prices on the international market. The price of crude oil is presently going for about $93.39 on the world market.

It could also be attributed to the re-introduction of the Price Stabilization and Recovery Levy (PSRL) on fuel prices which were suspended last year.