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Fuel prices per litre to hit GHS 10 cedis today

Consumers of petroleum products are likely to pay ¢10 or slightly more for a litre of petrol and diesel from today, Wednesday, March 16, 2022.

This, the  Ghana Chamber of  Bulk Oil Distributors has blamed the volatility on the market as well as the free fall of the cedi against major trading currencies.

Others have blamed the situation on the rising cost of crude on the international market, but the Chief Executive of the Chamber, Senyo Hosi, says the cedi which is depreciating among other major trading currencies is also a factor for the rise in the price of the commodities.

“This is not really with crude but with products on a metric tonne basis. You’re actually breaking the pair and likely breaking 11 as well, subject to which product and how the OMCs want to add some margins on their current prices.

“What you see from the OMCs publication is quite reflective of what the market situation is and I think a big chunk of it has to do with some of the onset increase around our current cedi issues,” he said.

Energy think tank, the Chamber of Petroleum Consumers (COPEC- Ghana) had predicted on Monday that fuel prices in Ghana would cross ¢10 per litre by Marcy 16.

COPEC in a statement said the “Petroleum Price Indicators of 11th March averages for calculating ex-pump prices beginning from Wednesday, the 16th of March, 2022 (2nd pricing window of March) shows that FOB prices of petrol has increased by 19.28% from $917.48/MT to 1094.33/MT, diesel by 34.57% from $845.50/MT to $1137.78/MT and LPG by 17.42% from $845.93/MT to $993.25/MT between the first window and second window of March.”

Transport Fares

Despite adjusting upward transport fares almost a month ago, transport operators are threatening to increase their fares should the price of fuel crosses the GHS 9.00 mark.

The Ghana Private Road Transport Union (GPRTU) announced that commuters should expect an increment in transport fares.

The PRO for the Union, Abass Imoro, in an interview with Joy News stated their decision is necessitated by the sharp surge in the price of fuel at the pumps.

“When we came out with this current adjustment, fuel price was at GH₵7.990 [per liter], so we are waiting for the 10 percent ratio so if it crosses to the GH₵8.8 [per litre], we will come out with a new price. That is the only way we can sustain our transport industry,” he said.

 

Source: Myxyzonline.com|Ghana

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