Starting from March 16, the petrol price in Ghana will cost 11 cedis per litre as the Cedi depreciated by 4.82 per cent to close at 7.17 to the dollar.
This increase is the second time fuel prices are going up in Ghana since the year started, owing to the rising cost of crude in the international market as well as the wearing of Ghana’s own currency.
The ongoing crisis between Russia and Ukraine has affected oil prices, leading it to reach the highest level in over a decade. Analysts predict that should the situation remain the same, crude oil prices could top 185 dollars per barrel.
In its projections for the March 2022 Second Pricing Window which takes effect from March 16, Ghana’s Institute for Energy Security (IES) says the price of Liquefied Petroleum Gas (LPG) will go up by 3 per cent whereas petrol and diesel would go up by 5 per cent and 9 per cent respectively.
Currently, petrol and diesel sold at GH¢8.2 per litre at the pumps. Prior to March 1, 2022, petrol and diesel traded at an average GH¢7.50 per litre.
Just at the end of January, there was a 3% increase in the price of petrol in Ghana, going from 6.70 cedis to 6.9. The Institute for Energy Security (IES) predicted that the prices of Liquefied Petroleum Gas (LPG), diesel and petrol were likely to go up by 25 pesewas per litre from February 1.