Fuel prices are now approaching GH₵15 per litre, a rise that many industry analysts had predicted due to ongoing economic challenges.
The recent price hikes are primarily driven by two key factors: the continued depreciation of the Cedi against major international currencies, which has increased import costs, and the rising prices of refined petroleum products on the global market. These combined pressures have made it difficult for Oil Marketing Companies (OMCs) operating locally to avoid raising prices.
Shell has been the first to implement its second price hike in October, with an increase of over 50 pesewas.
Currently, the price of petrol has risen from GH₵13.79 to GH₵14.72 per litre, while diesel has increased from GH₵14.35 to GH₵14.99 per litre.
Other OMCs are expected to follow suit in the coming days, intensifying the financial burden on consumers.
Commuters are already voicing concerns about the likelihood of higher transportation fares due to the escalating fuel prices.
Industry experts caution that unless the Cedi stabilizes or global oil prices drop, these periodic fuel price increases are expected to persist.