Fuel prices hit Ghc5 per litre, more hardship expected in Ghana

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The cost of living in Ghana is set to get tougher as prices of petroleum products goes up at the pumps.

The government is currently engaged in a fierce battle over the stability of the cedi, a move which is affecting businesses and prices of goods and services.

Per litre of petrol went up to the GHc5 as predicted by the Institute for Energy Security (IES), an energy policy think tank, few days ago.

The IES predicted that fuel prices could hit GHC5 per litre as a result of the marginal depreciation of the local currency against the dollar.

Should the government fail to intervene to bring prices down, it could add to the already escalating cost of living.

Even though government has reduced tariffs for electricity and water and introduced a number of pro-poor interventions, fuel prices remains a major headache for Government as the deregulation of the sector is in full flight and allowing market forces to determine prices.

Source: Joynewsroom

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