Over the weekend, fuel prices shot up to almost GHS 16 per liter at some stations in the country.
For example, with leading oil marketing company Total Energies, diesel is now priced at GHS 15.99 while petrol is sold at GHS 13.10.
This is a sharp increase from GHS 11.06 per liter for petrol and GHS 13.95 per liter for diesel at the beginning of the month.
The rampant increase in fuel prices in the country, which started in January at about GHS 6.5 per litre, was mainly attributed to the rise in the price of the commodity in the world market and the continued depreciation of the cedi.
Speaking to Citi Business News, however, Duncan Amoah, the Executive Secretary of the Ghana Petroleum Consumers Chamber (COEPC), stressed that if government does not intervene, the rate could go as high as GHS 18 per liter by December.
“We are now reaching GHS 15 per liter for diesel. The Cedi has certainly not reached a point of stability and if it continues to weaken, it is likely to see further gains in the first week of November. Between now and December, you will probably see Ghanaians end up paying GHS 17 to 18 per liter for fuel.”
He added that “I don’t want us to get there and I think the authorities and people in the political space are going to have to wake up.”
The price of oil hovered around $75 per barrel in January this year, but is currently selling for around $86 per barrel.
On the other hand, the dollar started the year trading at GHS6.5 and is currently trading at over GHS12.
This jump in the weakening of the local currency is despite recent government interventions, including a US$750 million bank loan to Afriexim and a US$1.13 billion syndicated loan to finance the purchase of cocoa beans for the 2022/2023 crop season.
