Ghanaians should expect further fuel price hikes – Minority

Petrol sells at GH¢10.99

Diesel sells at above GH¢12.00

Cedi depreciation cause of fuel price increases

The Minority in parliament has warned Ghanaians of the increasing hardships that the increase in petroleum products will bring to the country.

According to them, looking at international crude prices, it is likely that prices will continue to increase.

MP for Gomoa West, Richard Gyan-Mensah speaking to journalists in parliament said,” Government mentioned that it had taken off 15p from the price build-up on petroleum prices as well as the provision of forex for the BDCs to purchase fuel and this has been done since April but anytime there is a new pricing window there are increases in petroleum prices.”

Data from the Bulk Oil Distribution Companies as reported by JoyBusiness suggests that the price of a litre of diesel is expected to go up by 11.14%, while petrol will go up 13%.

In effect, the average price of fuel is likely to increase by about GH¢1.33 per litre.

Petrol prices are projected to go up by GH¢1.24/Litre which is an 11.41% increase and that of Diesel by GH¢1.43 /Litre also a 12.93% increase.

Petrol at various fuel pumps is currently selling at about GH¢10.10 per litre, whereas diesel is going for GH¢12.20.

Richard Gyan-Mensah stated that, with the current prices of petroleum products, “prices on the international market prices are still going to go up. And what this means is that the ordinary Ghanaian should brace himself for more increases in petroleum prices.”

“This will bring about a lot of suffering for everyone in the country so I’m calling on the government to waive off the BOST margin and BOST to store products,” he added.

He however calls on government to “put in place effective measures to address the depreciation of the cedi and also increase the percentage of forex cover it provides for importers of petroleum products.”