OMCs attribute recent fuel price increases to global market hikes

The Association of Oil Marketing Companies (OMC) has attributed the increase in fuel prices to a hike in the global oil market.

Fuel prices at the pumps shot up from GHS6.05 to GHS6.23 on Saturday, June 19, 2021.

Some consumers have expressed concern over the development.

The Chairman of the Board of Oil Marketing Companies, Henry Akwaboah, called on consumers to bear with them as they strive to keep their businesses afloat.

“Fuel prices are determined by prices on the world market. And these prices keep going up. We have reached a point where it is no longer feasible for us to absorb the cost.”

“I am appealing to our consumers to bear with us. These are difficult times. We wish we could continue to contain the cost.”

Oil prices on the world market are pegged at over $73 a barrel, from about $60 a barrel in March this year.

Fuel prices in the country have consistently seen a steady increase since the beginning of the year, sparking fears that consumers may end the year paying an all-time high rate per litre.