Petroleum product prices are expected to increase marginally at the pumps from Friday, January 17, 2025. This has been influenced by rising prices of crude oil on the international market and recent pressures on the cedi. The Cedi started 2025 on a losing streak, depreciating marginally by 0.38% to the US dollar in the retail market.
Speaking in an interview, the Chief Executive of the Chamber of Oil Marketing Companies, Dr. Riverson Oppong explained that global crude prices and recent cedi depreciation are the main drivers for the projected price increase. According to him, the drivers were stable until some changes were noticed in the global price of crude and the strength of the local currency. Dr. Oppong stressed that oil marketing companies are obliged to adjust prices to conform to the directives of the regulator.