Ghanaians are currently paying more for petrol and diesel few months after enjoying fairly low prices.
Current figures from the petroleum industry show that prices of the two products at the various fuel stations have hit an all-time high, with petrol selling at an average of GH¢4.29 at the pumps, and diesel going for an average of GH¢4.23 per liter in the third week of September 2017.
The Institute of Energy Security (IES) had earlier predicted a 7% increase in fuel prices.
The increase has been attributed to the marginal depreciation of the cedi, as well as increased global crude oil prices due to the recent floods in the US which affected production at major oil companies.
The Principal Research Analyst at the Institute of Energy Security, Richmond Rockson, said “We are expecting prices to rise between seven and 10 percent, and this will have an impact on consumers.
This probably will be the most significant. The cedi also keeps depreciating. After the storm Harvey, refineries were affected so prices will definitely go up, he added.
Petrol and diesel are the most utilized fuel products in Ghana, and any increase usually affects transport fares and impacts cost of general goods.
Prior to the sharp surge in the price of fuel in September, data from the National Petroleum Authority (NPA), showed that prices of petrol and diesel only increased marginally between February and March, but dropped significantly between April and July until they gained momentum in August 2017.