Fuel prices spikes up to GH¢.19

Petroleum products across the nation have spiked up again today, October 26, 2022, with diesel prices at GH¢. 19.94 and Super at 17.54 per litre.

This is a sharp rise from the GH¢ 16.00 last week.

The steady rise of petroleum products in the country which started in January at GH¢ 6.5 per litre has been attributed mainly to the Russia-Ukraine war, the rise of cost in commodities on the world market and the constant depreciation of the cedi.

The Executive Secretary of the Chamber of Petroleum Consumers Ghana (COEPC), Duncan Amoah mentioned in an interview that, the prices of petroleum products in the country could reach GH¢ 18 per litre if the government does not intervene.

“The cedi has definitely not come to a stability point and if it continues to depreciate it is likely that in the first week of November there will be a further increment. Between now and December, you’re probably going to see that Ghanaians could end up paying about GH¢. 17 to GH¢. 18 per litre for fuel.” Mr Amoah said.

“I do not want us to get there, and I think that authorities and those within the policy space will need to wake up from their sleep.” He added.

The price of crude oil in January per barrel was $75 but currently sells at $84.88. The dollar also commenced this year trading at GH¢6.5 but now trades for GH¢ 13.0020.

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