Fuel prices to hit GH¢8 soon, OMC CEO
Russia-Ukraine war cause of increment in petroleum products
The Institute for Energy Security (IES) has projected a 6% increment in petroleum products on the market from Tuesday, March 1, 2022.
It attributed the increase to the free fall of the local currency - Cedi against the major trading currencies, Dollar, Pounds Sterling and Euro.
The institute said if government fails to intervene in the rising price of crude oil on the international market, Ghanaian consumers will be the most impacted by the Russia-Ukraine crisis.
“Other factors include the 3.33% increase in the price of Brent crude, the 2.71% rise in Liquefied Petroleum Gas (LPG) price, the 3.58% increase in the price of petrol, and the 4.50% jump in diesel price; all on the international oil and fuel markets,” IES is quoted to have reported by myjoyonline.com.
On Thursday, February 24, 2022, prices of crude oil went up after above US$100 after Russia's invasion of Ukraine.
Meanwhile, the Chief Executive of the Association of Oil Marketing Companies (OMCs) has disclosed that consumers will have to pay more than ¢8 per litre for fuel in March.
He said the depreciation of the Cedi and the continuous rise in prices of petroleum products, fossil fuel, others on the international market will lead to the increase in fuel prices on the Ghanaian market.
The Cedi, on the other hand, is trading at GH¢7.8 pesewas against major trading currencies at some forex bureau as at February 28, 2022.
A fuel attendant serving a customer