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| INCREASE IN FUEL PRICES IN GHANA |
FUEL PRICE IN GHANA SHOOTS UP AGAIN
Prices of fuel keeps rising daily in the country unpredictably these days which is due certain reasons. As a result, many Filling Stations offer different prices to customers unlike before.
Fuel prices have shot up significantly even before the upcoming review of petroleum products on Sunday, October 30, 2022 by the Oil Marketing Companies due to changes in exchange rates leading to the depreciation of the Ghanaian currency.
This is coming despite a stable price of crude oil on the world market. Crude oil is hovering around $90 per barrel, but the significant depreciation of the cedi has pushed fuel prices very high.
Checks by Joy Business indicate that Petrosol and Engen. These two international brands have increased prices for both petrol and diesel.
CURRENT PRICES:
Petrosol and Engen are also now selling a liter of diesel for ¢19.89 and ¢19.44 respectively.
Currently, Petrosol is now selling petrol at ¢17.48 per liter, Engen sells a liter at ¢17.54.
Checks by Joy Business predict that all the other OMCs with the exception of GOIL will increase their prices of petroleum products on or before October 31, 2022.
An industry analyst told Joy Business that the OMCs can no longer wait for the bi-weekly review of prices of petroleum products because the Bulk Oil Distribution Companies have been selling to them at the current market rate.
The Ghana Private Road Transport Union (GPRTU) has clearly made its intention of increasing transport fares, which has started with VIP JEOUN and effective Saturday, October 29, 2022 will increase fares of other transport by 19%.
Previously, fuel prices increased between 7% and 12% on October 16, 2022
At stake, the prices of the fuel hikes as a result of the depreciation of the value of the local currency against the US Dollar . This in effects has led to the daily increase in prices of goods in the country.
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