Fuel prices cross GH¢8 mark at the pumps

A litre of fuel, petrol and diesel, has crossed the GH¢8.00 mark, now selling at the pumps at a minimum GH¢8.29 across the country. Some oil marketing companies are selling their products as high as GH¢8.45.

With government reeling under great financial pressure arising from what analysts say is a very poor state of the economy, and not prepared to either effect any subsidies or adjust taxes on the petroleum price build-up to cushion buyers, the depreciation of the Ghana Cedi against the US dollar will continue to push the prices up.

The Ghana cedi is on a free fall against the US dollar, and according to the Institute of Energy Securities, other factors pushing the fuel price increases “include the 3.33% increase in the price of Brent crude, the 2.71% rise in Liquefied Petroleum Gas (LPG) price, the 3.58% increase in the price of petrol, and the 4.50% jump in diesel price; all on the international oil and fuel markets”.

Checks by WoezorTV News reveal an increase in a litre of fuel from GH¢7.990 to GH¢8.290 at Total, Shell, and Puma filling stations. Sel Oil has followed suit, increasing their prices by 6:00am on March 2, 2022. Goil prices however remain at GH¢7.99.

Within the last three months, fuel prices have skyrocketed. A litre of fuel cost GH¢5.80 at the pumps on January 1, 2022. This, however, has increased and is presently selling at an average price of GH¢8.29 on March 2, 2022.

Meanwhile, The Chamber of Petroleum Consumers (COPEC) is predicting that a litre of fuel will sell at GH¢9.00 by end of March 2022. Executive secretary of COPEC, Duncan Amoah, says the current increase is even on the downside.

“What the situation in Ukraine will mean is that international market prices will continue to surge. Again, we also have a situation where the cedi is not doing so well. I foresee the Ghanaian fuel prices crossing GH¢9.00 per litre before the end of the month.” he added.

The Institute of Energy Securities and COPEC had previously warned that if Ghanaian authorities do nothing to address growing global fuel prices as Russia invades Ukraine, prices of petroleum products at the pumps could reach the GH¢8 level in the first pricing window of March.

Photo Credit: 3news