Fuel prices for Ghana hit one of The highest after pump prices reach $1.17 dollars per lite which means, the price goes up by $0.11 on June 19th, 2021.
The latest figures spark outrage among petroleum consumers who express disappointment through social media hashtag #FixTheCountry.
The average price of fuel per liter around December 2020 Ghc4.7 per liter, but now fuel prices hit Ghc6.23 per liter.
Per the current price increases, if one get modern car which can consume about 65 liters of fuel to fill up the gas tank, it will cost consumers GHc404.95 which means, they have to pay extra GHc8.45 to fill their car tanks. As at December 2020, Consumer who fills their tank spend close to Ghc365.
This came after The Institute of Energy Security(IES) has predicted a marginal rise in fuel prices by the first-pricing window in June due to international market variables.
“With the 3.50% increase in price of the International Benchmark- Brent crude together with the 1.05% increase in price of Gasoline, the 2.66% increase in Gasoil price, and the cedi depreciation of 0.35% against the US Dollar; IES predicts that OMCs in Ghana may increase fuel prices marginally at the pump due to these international market variables as we enter June 2021, particularly for those that maintained their prices at the pump from the first pricing-window of May through to the end of the second pricing-window,” IES said in a review of the month of May second pricing window.
The price of fuel on the local market remained stable within the second-pricing window in May despite an expected marginal increase by the Oil Marketing Companies (OMCs) at the start of the pricing window.
The current national average price of fuel per litre at the pump still remains at Gh¢5.78 for both products.
However, the Institute of Energy Securities believes some Oil Marketing Companies may decide to maintain prices from the previous pricing window to increase market share.
