Ghanaians should brace themselves because fuel prices are about to rise in February.
Amid popular gold for oil policy taunted as a game changer, fuel prices are surging forward like never before. The Institute of Energy Studies has projected that Petrol will retail for about GH₵15 per litre in the next pricing window of February.
The cedi has depreciated by 10% against the U.S. Dollar, coupled with the price of Gasoline and Gasoil increasing by approximately 14% and 7.6%, respectively on the global market.
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Despite the government’s introduction and receipt of about 40,000 metric tonnes of fuel under the gold for oil policy which seeks to source cheaper petro in exchange for gold.
This is part of the government’s efforts to tone down the cost of petrol at the pumps. That has partly contributed to the hike in inflation in the country. Inflation is projected around 50% in Ghana.
National average price per litre of Gasoline increased to Gh¢13.58 from Gh¢12.54, and Gasoil from Gh¢14.40 to Gh¢15.36 during the second pricing window in January.
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The gold for oil policy was introduced to reduce the cost f petroleum products in Ghana. Ghanaians praised the ideal of reducing the high cost of living.
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