Ghanaians will have to spend more on fuel as some Oil Marketing Companies (OMCs) have started increasing prices of petroleum products at the pumps today, November 1, 2022.
Petrol and diesel prices are going for an average of ¢18 and ¢23 per litre, from the previous prices of ¢15 and ¢19 per litre respectively, according to the latest prices advertised by TotalEnergies at the pumps.
They attribute the significant increase in the price of fuel to the sharp depreciation of the cedi over the past two weeks.
However, the price of fuel has gone up by more than 100% since the beginning of the year. Petrol and diesel sold at about ¢7.5 per litre at the beginning of 2022.
The Institute for Energy Security (IES) had predicted that petrol and diesel prices will hit GH¢18 and ¢20 per litre for the November 2022 first pricing window.
But this latest increase in the prices of petroleum products indicates that the new prices have come too early.
Fuel prices were increased twice in the month of October 2022.
President Nana Addo Dankwa Akufo-Addo on Sunday, October 30, 2022, said his administration is working on bringing affordable petroleum to the country to slow the rampant hikes at the pumps.
“I know that the increasing cost of living is the number one concern for all of us. It is driven by fast-escalating fuel prices at the pumps, caused by high crude oil prices on the world market and our depreciated currency. I know that this is putting intolerable pressure on families and businesses.” The price of crude oil on the world market is $94 per barrel.
The president added that “the government is working to secure reliable and regular sources of affordable petroleum products for the Ghanaian market. It is expected that this arrangement, when successful, coupled with a stable currency, will halt the escalation of fuel prices and bring relief to us all.”
“I know that people are being driven to make choices they should not have to make, and I know that it has led to the devaluation of the capital of traders and painfully accumulated savings.”