Days after the Institute of Energy Security predicted that fuel prices at local pumps in Ghana would rise, the increases have taken effect, with Ghanaians paying around Gh¢7.05 for diesel and Gh¢6.99 for petrol for a litre of fuel.
Total, one of Ghana’s most popular fuel stations, has already implemented the price hikes, with a litre of diesel costing Gh¢7.050 and petrol costing Gh¢6.990.
Shell and other gas stations across the country have begun to modify their pricing in response.
The IES predicted a 7.42 percent increase in Brent and a 9.46 percent increase in gasoline prices, respectively.
“As a result of the positive worldwide price shift, customers should expect an increase in local fuel costs in the near future.” Fuel costs are expected to grow from 6.70 pesawas to 7 cedis per litre at the pumps this year, according to the institution, which issued a warning four days ago.
Apart from the hike in global fuel prices, the predicted increase will be due to the weakening of the cedi against the dollar.
Fuel prices in Ghana increased from 6.64 cedis to 7.07 cedis in the fourth quarter of 2021. Following an industrial action by Ghana’s private road transport union in December, the government ordered oil marketing corporations to reduce fuel rates.
Source: AfricaCNN.com
