Fuel prices in Ghana are set to rise from Sunday, September 1, as the depreciation of the cedi and local supply shortfalls outweigh the impact of falling global oil prices, the Chamber of Oil Marketing Companies (COMAC) has announced.
According to COMAC’s latest pricing outlook, petrol is projected to increase by between 3.9% and 5.4% per litre, reaching an average of GH¢13.67. Diesel prices are expected to rise by 3.4% to about GH¢14.35 per litre, while liquefied petroleum gas (LPG) could go up by 4.6% per kilogram.
The projected hikes come despite global petroleum prices trending downward in August, with petrol dipping by 0.45%, diesel by 3.7%, and LPG by 1.7%.
COMAC explained that the key driver of the increase is the sharp depreciation of the cedi, which has lost nearly 4% against the U.S. dollar over the past month. The local currency currently trades at GH¢11.20 to US$1, compared with GH¢10.71 at the end of July — its steepest monthly decline since January.
The Chamber also pointed to the one-cedi levy on petroleum products and recent supply disruptions that caused petrol shortages in parts of the country in mid-August as additional factors putting pressure on prices.
Several Oil Marketing Companies (OMCs) had already adjusted pump prices upward during the supply crunch, even though international benchmarks had eased.
COMAC cautioned that unless the cedi stabilises and supply challenges are resolved, consumers may continue to face higher fuel costs in the coming weeks.
Source – My News Ghana
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