Fuel prices keep increasing as petrol breaks the GHS8 mark

Fuel prices keep increasing as petrol breaks the GHS8 mark

The cost of fuel prices continues to skyrocket at the pump as it surpassed the GHS8 per litre mark at some stations.

With the fluctuating prices of fuel in recent times, it is expected that most of the oil marketing companies will follow suit by increasing their prices.

Barely two weeks ago the fuel prices averaged Ghc 6.4 per litre following the National Petroleum Authority’s reintroduction of the Price Stabilization and Recovery Levy.

electronic board showing fuel prices at Total Filling Station

Meanwhile, Ghanaians have been warned to brace themselves for more. Executive Secretary of the Chamber of Petroleum Consumers Duncan Amoah said the prices are expected to soar much higher.

“What Total is currently quoting, GHS8.29 is on the downside. The market figures could have been somewhere around GHS8.70 at this time,” he said.

 Furthermore, Mr Amoah indicated that the Oil Marketing Companies may be taking a hit on the recent upward adjustment in fuel prices.

“It is quite certain the Oil marketing Companies and the BDCs are themselves taking a shave in the sense that the Cedi is doing so badly at this point,” Mr Amoah noted.

Following the start of a war between Russia and Ukraine, COPEC cautioned that if the Ghana government sits aloof and does not act swiftly on the skyrocketing pace the fuel prices are soaring at on the global market then it could cross the Ghc 8 mark in the first week of March.

The Institute of Energy Security also followed suit predicting a 4% upward adjustment in prices of Liquefied Petroleum Gas, Diesel and petrol.

Currently, a barrel of Brent Crude Oil which was going for about $66 a year ago, and $78 at the start of 2022, soared to 7.3% which is $103.9 a barrel in February.

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