Prices at the fuel pumps have shot up with just a couple of weeks leading to Christmas. Pump prices of the major Oil Marketing Companies (OMCs) have increased by nearly 1%. The current prices reflect an annual increase of nearly 10% from December 2018.
Most likely cause of the price increase is the depreciation of the Ghana Cedi which went for its 25th straight depreciation against the US Dollar in the year on Thursday, 5th December. The 0.1% decline of the Cedi against the US Dollar brought the Cedi’s value to 5.67 (Bloomberg).
This is how prices at some OMC pumps show. We would update prices as they are adjusted at the pumps
