Fuel prices at the pumps have shot up significantly even before the next pricing review of petroleum products on November 1.
This is a sharp increase in fuel prices as diesel now sells at ¢19.89, from ¢15.99 in the last pricing window on October 16.
This translates to a 24.3% increment in diesel prices at some Oil Marketing Companies (OMCs) like Petrosol and Engen.
Checks by The Ghana Report indicate that some OMCs like Petrosol and Engen also sell a litre of petrol at ¢17.45 and ¢17.54, respectively, while market leaders, such as GOIL and TotalEnergies, are selling petrol at ¢13.99 a litre.
The pricing window review by OMCs is done twice a month, but fuel prices have skyrocketed drastically, even before the due date.
Some OMCs insist that they can no longer wait for the bi-monthly review of prices of petroleum products because the Bulk Oil Distribution Companies (BDCs) have been selling to them at the current market rate.
This is coming despite a stable price of crude oil on the world market and the appreciation of the cedi against major trading currencies, especially the dollar, from the three months of turbulence the forex market had faced.
For the past months, some Industry players have attributed the surge in prices to the recent depreciation of the cedi against the U.S dollar.
Meanwhile, the Ghana Private Road Transport Union (GPRTU) has announced transport fare increments by 19%, effective Saturday, October 29.
According to the GPRTU, the adjustment has been necessitated by the continuous soaring of prices of petroleum products at the various fuel pumps.
GPRTU said the increment is due to the galloping inflation and the current depreciation of the cedi.
It noted that the 19% increment was agreed upon by GPRTU after an extensive discussion with President Akufo-Addo, together with other transport operators across the country.
GPRTU said that even though their outfit had a basis for charging more, they listened to the plea from the president to revise their proposed 49%.
“the 20% was still a consideration, so we agreed and said we’ll waive off that 1%. Today we’ll be issuing out a communiqué, and then it will take effect on Saturday coming, October 29,” the union explained.
Already, VIP JEOUN has announced new transport fares for the travelling public effective Monday, October 24.
The fare from Accra- Kumasi, which used to be GH¢85, is now GH¢100, while Accra-Sunyani will now cost GH¢130 cedis.
Also, people moving from Accra to Tamale will have to pay GH¢240.