Diesel and Petrol Price Rise to GHS 14.99 and GHS 14.72 per Litre

Fuel prices are nearing GH₵15 per litre, as the combined effects of a weakening Cedi and rising global oil prices weigh heavily on the domestic market.

Industry analysts had anticipated the increases, citing sustained economic pressures that have left oil marketing companies (OMCs) with little choice but to raise prices.

 

The depreciation of the Cedi against major currencies is exacerbating the cost of importing refined petroleum products, while global price hikes are compounding the situation. The cumulative impact has pushed OMCs to adjust prices upwards to protect margins.

Shell, a leading player in the local market, has raised prices for the second time this month, with petrol now priced at GH₵14.72 per litre, up from GH₵13.79. Diesel has followed a similar trend, increasing from GH₵14.35 to GH₵14.99 per litre.

The market is bracing for further hikes as other OMCs are expected to follow suit. The surge in fuel prices is likely to trigger a chain reaction across the economy, with transportation costs and consumer goods prices set to rise.

 

Public transport operators are already signaling potential fare increases, adding further strain to household budgets.

Economists warn that unless the Cedi stabilizes or global oil prices ease, these periodic price hikes could become a persistent feature of Ghana’s fuel market, with significant implications for inflation and economic stability.

Source:norvanreports.com