Hot SourceFuel prices in Ghana have gone up from today, 1 September, driven by the continued depreciation of the cedi and supply shortfalls, despite a fall in crude oil prices on the international market.
Data from the Chamber of Oil Marketing Companies (COMAC) show that petrol has increased by between 3.9% and 5.4% per litre, averaging GH¢13.67. Diesel is now selling at about GH¢14.35 per litre, representing a 3.4% rise, while liquefied petroleum gas (LPG) has gone up by as much as 4.6% per kilogram.
The cedi has depreciated by almost 4% against the U.S. dollar in the past month, sliding to 11.20 from 10.71 in late July—its sharpest monthly fall since January.
COMAC noted that the local currency’s decline has cancelled out the benefits of cheaper petroleum prices on the global market. In August, petrol prices fell by 0.45%, diesel by 3.7% and LPG by 1.7%.
The Chamber also highlighted a one-cedi levy on petroleum products and recent shortages of petrol in the local market as further reasons behind the upward adjustment.
Some oil marketing companies had already raised pump prices in mid-August due to supply disruptions, even though international benchmarks were on a downward trend.
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