By: Kekeli K. Blamey
Fuel prices in Ghana have surged once again, inching closer to the GH₵15 per litre mark, as predicted by industry analysts due to persistent economic pressures.
The recent price hikes are driven by two primary factors: the continued depreciation of the Cedi against major international currencies, increasing import costs, and the upward trend in global market prices for refined petroleum products.
These combined forces have made price increases unavoidable for local Oil Marketing Companies (OMCs).
Shell has taken the lead, increasing its prices for the second time in October, with a significant jump of over 50 pesewas.
As of now, a litre of petrol is being sold at GH₵14.72, up from GH₵13.79, while diesel has risen to GH₵14.99 per litre from GH₵14.35.
Other OMCs are expected to follow suit in the coming days, further straining consumers’ finances.
Commuters are already worried about potential increases in transportation fares.
Industry experts caution that unless the Cedi stabilizes or global oil prices ease, these periodic fuel price hikes are likely to continue.
The persistent fuel price increases have raised concerns about the broader economic implications.
Ghanaians are bracing themselves for the potential consequences of these price hikes, hoping for relief in the form of economic stabilization or policy interventions.
