Shell and Total have increased the price of fuel at the pumps to accommodate the recent fall in the value of the Ghana cedi in relation to major international trading currencies such as the dollar.

The cedi almost hit the $1: GHS6 mark about a month ago but began gaining value a week ago after the government pumped $800 million into the system coupled with the recent $3 billion Eurobond which was oversubscribed by six times.

The local currency, as of Friday, 22 March 2019, was trading at $1: GHS5.1.

Checks show that the two oil marketing companies hiked their litre price of diesel and petrol by six pesewas.

Consequently, a litre of petrol and diesel are sold at the pump for GHS5.24.

This represents a 1.16 per cent increase from the recently-hiked GHS5.18.

The two companies are selling a litre of petrol and diesel for GHS5.24 representing a 1.16 percent increase from the previous price of GHS5.18.

This is the second increase in the prices of fuel in the month of March.

The Institute of Energy Security (IES) which predicted the increase has attributed the hikes to the recent depreciation of the cedi.

Speaking in an interview, a Research Analyst at the IES, Mikdad Mohammed said, “Even though we have seen the currency pick up some strength against the dollar this came a little too late and way into the pricing window after BDCs and oil marketing companies have transacted their bills in the movement of products,”

However a major state oil company, GOIL is yet to adjust its price.

OMCs like Allied and Glory Oil are also yet to increase their prices.