Fuel prices are now edging closer to GH₵15 per litre, a rise that many industry analysts had anticipated due to ongoing economic shocks.
The recent hikes are driven by two main factors: the continued depreciation of the Cedi against major international currencies, which is increasing import costs, and the upward trend in global market prices for refined petroleum products. These combined forces have made price increases inevitable for OMCs operating locally.
Shell has led the charge by increasing its prices for the second time in October, with a jump of over 50 pesewas.
As of now, a litre of petrol, which was previously priced at GH₵13.79, is being sold at GH₵14.72. Diesel has similarly risen, from GH₵14.35 to GH₵14.99 per litre.
Other OMCs are expected to follow suit in the coming days, adding to the financial strain on consumers.
Commuters are already expressing concerns about a potential rise in transportation fares due to these fuel price hikes.
Industry experts warn that unless the Cedi stabilizes or global oil prices ease, these periodic fuel price increases are likely to continue.
—CitiNewsroom
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