-Advertisement-

Fuel prices surge by 4.6%

Source The Ghana Report

Ghanaians are in for a tough financial challenge starting today as fuel prices are set to rise, with Liquefied Petroleum Gas (LPG) seeing the most significant increase.

Data from Oil Marketing Companies (OMCs) reveals that petrol and diesel prices will go up by approximately 2%, while LPG will experience a sharp increase of 4.6%.

Petrol will increase by 1.9%, bringing the price per litre to around ¢15.72. Diesel is expected to rise by 2.1%, pushing the cost to about ¢16.60 per litre. LPG will see the steepest hike, with a 4.6% jump, pushing the price to approximately ¢18.20 per kilogram.

While these projections provide a general guideline, it’s important to note that not all OMCs may implement the same price changes.

The competitive nature of the market could lead to different pricing strategies from various companies, so actual prices may vary depending on where you buy your fuel.

These price hikes are primarily driven by a combination of factors.

First, global crude oil prices have been steadily rising, which directly impacts the cost of petroleum products.

Additionally, the cost of finished petroleum products has also gone up.

On top of that, the Ghanaian cedi has weakened by over 2% against the US dollar in January alone, making it more expensive to import fuel.

As fuel prices continue to climb, the financial strain on consumers will increase, especially for those who rely heavily on LPG and fuel for transportation, cooking, and business operations.

Households, businesses, and industries that depend on these fuels will likely face higher operational costs, which could lead to increased prices for goods and services across the economy.

It’s a difficult reality that many will need to navigate in the coming months as they adjust to these price hikes.

This change is expected to have a ripple effect across households and businesses already grappling with high costs of living.

Leave A Comment

Your email address will not be published.

You might also like