JUST IN: Fuel Prices Goes Up

Fuel prices continue to rise at some stations, surpassing GHS8.490 per litre in the second week of March 2022. This is predicted to have a knock-on impact on other Oil Marketing Companies, causing them to raise their pricing as well.

Fuel prices averaged GHS8.29 per litre only two weeks earlier, after the National Petroleum Authority reintroduced the Price Stabilisation and Recovery Levy (PSRL).

Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), said he had expected the increase to be considerably larger.

“The GHS8.29 that Total is currently charging is on the downside. “At this moment, the market figures may have been around GHS8.70,” he remarked on Eyewitness News.

He went on to say that the current spike in fuel costs may be hurting the Oil Marketing Companies.

Mr. Amoah said, “It is pretty certain that the Oil Marketing Companies and the BDCs are taking a shaving in the sense that the Cedi is doing so badly at this juncture.”

Gasoline prices could reach the GHs8 mark at the pumps in the first pricing window of March, according to COPEC, if authorities in Ghana do nothing about growing fuel prices on the worldwide market as Russia invades Ukraine.

In the first pricing window of March, the Institute for Energy Security (IES) predicts a 4% increase in the prices of Liquefied Petroleum Gas (LPG), Diesel, and Petrol at the pumps.
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In February, a barrel of Brent Crude Oil, which was around $66 a year ago and $78 at the start of 2022, increased 7.3 percent to $103.9. The invasion of Ukraine was ordered by Russian President Vladimir Putin.