Fuel price has hit an all-time high at the pumps with Petrol selling at GHS17.99 per liter and diesel retailing at GHS 23.49 a litre.
This comes barely three days after members of the Ghana Road Transport Union announced an increment in transport fares by 19 per cent due to the rampant increase in fuel prices.
Fuel sold in January 2022 for GHS6.5 but the challenge mainly with the depreciation of the cedi has seen prices at the pumps today more than tripled.
Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC) Duncan Amoah explains that the situation is “largely due to the forex issue”.
He said it became difficult for Bulk Distribution Companies (BDC) to “ascertain what FX rate to price their products” as of the previous week.
International benchmarks for diesel did go up by as much as USD 112.00 per metric ton which has driven the cost of diesel to about GHs. 23.00 at the pumps.