Fuel prices up again: A litre of Diesel selling at GHȼ14.99, petrol now GHȼ14.72 per litre
Due to continuous economic pressures, fuel prices are currently trending closer to GH₵15 per liter, as many industry analysts had predicted.
The Cedi’s continuous devaluation against major foreign currencies, which is driving up import costs, and the rising trend in refined petroleum product prices on the world market are the two main causes of the recent hikes. For OMCs operating locally, price hikes are becoming unavoidable due to these combined forces.
A litre of petrol, which was previously priced at GH₵13.79, is being sold at GH₵14.72. Diesel has similarly risen, from GH₵14.35 to GH₵14.99 per litre.
Leading the way, Shell raised their rates for a second time in October, this time by more than 50 pesewas.
Consumer financial burden will increase as more OMCs are anticipated to follow suit in the near future.
Fears of higher transportation costs as a result of these increases in fuel prices are already being voiced by commuters.
Experts in the field caution that these sporadic hikes in fuel prices are likely to continue unless the Cedi stabilizes or the price of oil decreases globally.
