Fuel Prices Surge Again: Diesel Hits GH₵14.99, Petrol at GH₵14.72 Per Litre
Rising fuel costs spark concerns as Cedi weakens and global oil prices soar
- Petrol now costs GH₵14.72 per litre, and diesel is at GH₵14.99
- Price increases attributed to the Cedi's depreciation and rising global oil prices
- Other OMCs are likely to follow suit
Fuel prices are inching closer to GH₵15 per litre, a rise anticipated by industry analysts amid ongoing economic challenges.
This latest increase is primarily driven by two key factors: the ongoing depreciation of the Cedi against major international currencies, which escalates import costs, and the rising global market prices for refined petroleum products. These pressures have made price hikes unavoidable for local oil marketing companies (OMCs).
Shell has spearheaded the increase, marking its second price hike in October with a rise of over 50 pesewas. Currently, a litre of petrol has jumped from GH₵13.79 to GH₵14.72, while diesel has climbed from GH₵14.35 to GH₵14.99.
Other OMCs are expected to follow suit in the days ahead, adding to the financial burden on consumers. Commuters are already voicing concerns over potential increases in transportation fares due to these rising fuel costs.
Experts warn that unless the Cedi stabilizes or global oil prices decline, these recurring fuel price increases are likely to persist.
