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Fuel prices in Ghana are now approaching GH₵15 per litre, a development that many industry experts had predicted due to ongoing economic challenges.
Two main factors are contributing to the rising fuel costs: the depreciation of the Cedi against major foreign currencies, which has raised import costs, and the increase in global market prices for refined petroleum products. This combination of factors is putting pressure on Oil Marketing Companies (OMCs) to adjust their prices upward.
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Shell has already implemented its second price hike for October, with a significant increase of over 50 pesewas per litre. Petrol, which was previously sold at GH₵13.79 per litre, now costs GH₵14.72, while the price of diesel has risen from GH₵14.35 to GH₵14.99 per litre.
Other OMCs are expected to follow this trend, adding to the financial burden on consumers. Commuters have raised concerns about potential increases in transportation fares due to the fuel price hikes.
Experts in the industry caution that unless the Cedi stabilizes or global oil prices decline, fuel prices are likely to continue increasing, further impacting the cost of living for Ghanaians.
