Fuel prices at the pumps skyrocket.

Yesterday, the cost of gasoline products skyrocketed at the pump.

Since the much-touted "Gold for Oil" policy was implemented, this is the first rise.

The prices of gasoline and diesel have all been raised by top oil marketing companies, including GOIL, Total, and Shell.

Diesel and gasoline are both priced at 12.99 and 13.10 respectively by GOIL. Diesel costs 12.99 cents per liter at Shell, while gasoline costs 13.10 cents per litre.

However, Star Oil sells both gasoline and diesel at a price of $12.69 a litre, while Total charges $13.20 for both.

Myjoyonline.com predicts that other OMCs will adjust upwardly in a similar fashion.the cost of gasoline and other petroleum products.

Prices have increased, with gasoline rising by little more than 5.5 percent and diesel by almost 1.16 percent, according to the upward price adjustment.

The price of crude oil and finished petroleum products on the global market have increased significantly recently, which has contributed to the present increase in the costs of petroleum products.

Earlier predictions from certain energy think tanks indicated that while diesel and liquefied petroleum gas (LPG) prices would fall, gasoline prices would increase.

From April 16, 2023, the price of gasoline at retail pumps is expected to rise by 2.01%, according to the Chamber of Petroleum Consumers (COPEC).

COPEC claims that its prediction was based on an increase in the worldwide benchmark price from $772.75 per metric tonne to $900.20 per metric tonne, which represents a 16.49% increase. This brings the retail price of gasoline to 12.41 pence per litre.

The Institute for Energy Security (IES) also predicted that domestic fuel costs will probably increase somewhat at the pump, especially for gasoline, and decline slightly for diesel and LPG.

"The IES projects prices of domestic gasoline (diesel) and LPG to decrease between 5% and 9%, with domestic gasoline (petrol) forecast to post the biggest increase of about 8%, in the coming weeks, in light of the international market performance observed and the domestic performance of the Ghana cedi."