Ghanaians will have to spend more on fuel as prices of such products have gone up again.
The price of diesel has shot up to GH¢23.49 per litre, according to latest prices advertised by TotalEnergies at the pumps.
Petrol is selling at GH¢17.99 per litre, while Kerosene is selling at GH¢14.70.
The new prices took effect from Tuesday, November 1, 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.
The IES, however, noted that, unfortunately, the 1.43% fall in the price of LPG on the world market might not translate into a reduction at the domestic pump, as it may offset the cedi’s depreciation, and rather force the price of the commodity to rise further in the coming days.
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.”
“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.”
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.”