Fuel Price Update: Check how much you will need to fill your tank as at Wednesday, November 6

Fuel prices in Ghana have seen a recent surge, affecting the cost of filling a full tank for various vehicles.

As of November 6, 2024, drivers of different vehicle models face escalating costs as petroleum companies adjust prices to reflect market changes since November 1.

A full tank for a Toyota Land Cruiser now costs between ₵1,860 and ₵2,150, while drivers of the Ford F-150 can expect to pay ₵1,323 to ₵1,553.

For other vehicles, such as the Nissan Altima, the price ranges from ₵922 to ₵1,082.

The Kia Sorento follows closely, with full-tank costs between ₵909 and ₵1,066.

Compact sedans like the Toyota Corolla and Hyundai Elantra have seen more affordable but still significant price hikes, now at ₵735 - ₵862 and ₵668 - ₵784, respectively according to Cedirates.com.

The Cause of the Hike
The current wave of price increases began on November 1, 2024, when Allied Oil raised the price of petrol from GHS13.60 to GHS13.65 per liter, while keeping diesel at GHS13.99 per liter, as reported by Cedirates.com.

GOIL and others soon followed, announcing that new prices would take effect on November 2, 2024.

As of the latest update, GOIL’s Diesel XP now sells at GHS15.45 per liter, up from GHS14.90, representing a 3.7% increase.

Petrol, branded as Super XP, saw a slight uptick from GHS14.49 to GHS14.64 per liter, while the premium variant, Super XP 95, climbed to GHS15.59, up from GHS15.49.

While no formal explanation for these adjustments has been provided, analysts attribute the price hikes to a range of factors, including global oil price fluctuations and exchange rate pressures.

As of late October, the average global price of gasoline stood at approximately 1.26 USD per liter, though this varied significantly across different countries, with wealthier and non-oil-producing nations generally experiencing higher costs.