Fuel prices are nearing GHc15 per litre, a rise that many industry analysts anticipated due to ongoing economic challenges.
Two main factors primarily drive this latest increase: the ongoing depreciation of the Cedi against major international currencies, which raises import costs, and the escalating global market prices for refined petroleum products.
Together, these pressures have made price hikes inevitable for local oil marketing companies (OMCs).
Shell has led the way by increasing its prices for the second time in October, raising them by over 50 pesewas. As a result, a litre of petrol, previously priced at GH₵13.79, now costs GH₵14.72. Diesel prices have also risen, climbing from GH₵14.35 to GH₵14.99 per litre.
Commuters are already expressing concerns about potential increases in transportation fares due to these fuel price hikes.
Industry experts warn that unless the Cedi stabilises or global oil prices decline, these periodic increases in fuel prices are likely to continue.
SOURCE; Citinewsroom
