Fuel prices increase marginally at various fuel stations across the country. Increase is due in part to the 2% increment in prices of crude oil, coupled with the 0.95% and 1.01% marginal increment in the prices of Gasoil and Gasoline respectively on the International market.
In a recent press statement, the Institute for Energy Security (IES) predicted that Oil Marketing Companies (OMCs) were likely to increase the prices of petroleum products. This is to make up for price shifts of crude oil on the international market.
“Taking into consideration the 2% increment in prices of Crude, coupled with the 0.95% and 1.01% marginal increment in the prices of Gasoil and Gasoline respectively on the international market; the Institute foresees prices of fuel on the local market losing stability,” IES said.
Fuel prices have leaped from Gh¢4.670 to Gh¢5.10 per litre within the spate of a month which has incited The Chamber of Petroleum Consumers (COPEC) call on the government to set-up control measures to prevent further increases.
“Fuel prices that averaged Ghc 4.670/litre barely a month ago at the pumps is currently selling at an average of Ghc 5.10/litre at some pumps, representing a marginal variance of 43p/litre or 9%,” COPEC said in a statement.
Fuel prices rise in Jan 2021
While some fuel stations have passed on the price increase to the consumer, others maintain a relatively stable price.
Allied Oil charges GH¢4.90/litre for both petrol and diesel while Goil sets its price at GH¢5.08/litre with Total having to charge GH¢5.10/litre. Below is a list of revised fuel prices at fuel stations of major oil marketing companies.
According to COPEC, tough times lie ahead in the first quarter of the year if the government doesn’t step in to introduce measures to stop the increase in fuel prices.
“Outlook for the first quarter of the year certainly looks tough as prices are expected to continue rising. We, at Copec had pre-empted this as far back as October 2020 and called for decisive national planning, action and policies from our authorities in ensuring these expected increases of prices on the international market is planned for using strategic state entities like TOR and BOST to ensure there’s adequate stock to manage, during these periods of sustained increases. But the heat of our elections didn’t possibly allow for effective planning as we are currently left with little options than to pass on these increases at the pumps though the economic effects of Covid-19 continue to remain dire on Ghanaians,” said COPEC
What this means for your pocket
Given that on average we will be paying GH¢5.10/litre for fuel, we should expect to pay GH¢19.30 on average for a gallon of petrol or diesel. With COPEC’s prediction of further increases in fuel prices in the first quarter, Ghanaians must brace themselves for a further increase from the current average price of GH¢5.10/litre of fuel.
Although road transport unions have kept transport fares unchanged, fares are likely to be revised upwards should prices continue its upward trajectory. In this case, transport unions have recently threatened to do just that.
Increase in transport fares will spur on price increases for most items. This will pose a difficult consequence to a large number of Ghanaians who are faced with job losses or reduced earnings due to the effects of the pandemic
