Fuel prices in Ghana are nearing GH₵15 per litre, a surge many industry analysts had predicted due to ongoing economic challenges.
The price hikes are attributed to two major factors: the continued depreciation of the Cedi, which is driving up import costs, and rising global prices for refined petroleum products.
These combined pressures have forced local Oil Marketing Companies (OMCs) to raise prices.
Shell has already implemented its second price increase for October, raising the cost of petrol by over 50 pesewas. Currently, a litre of petrol has gone from GH₵13.79 to GH₵14.72, while diesel has risen from GH₵14.35 to GH₵14.99 per litre.
Other OMCs are expected to follow suit, which is likely to increase transportation costs and financial burdens on consumers.
Experts caution that unless the Cedi stabilizes or global oil prices decrease, further fuel price hikes will likely continue.
