Fuel costs will increase for Ghanaians since they have once again increased.
The most recent prices shown at the gas pumps by TotalEnergies indicate that the cost of diesel has increased significantly to GH23.49 a litre.
Kerosene costs GH14.70 per liter and gasoline costs GH17.99 per litre.
On Tuesday, November 1, 2022, the new prices went into effect.
For the first pricing window in November 2022, gasoline and diesel prices were expected to reach GH 18 and GH 20 per litre, respectively, according to the Institute for Energy Security (IES).
However, the IES pointed out that, regrettably, the 1.43% drop in LPG prices on the global market would not convert into a drop in prices at domestic pumps since it might cancel out the depreciation of the cedi and instead lead the price of the product to increase further in the following days.
In October 2022, there were two price increases for fuel.
On Sunday, October 30, 2022, President Nana Addo Dankwa Akufo-Addo stated that his administration is working to offer affordable petroleum to the nation in order to curb the rampant price increases at the pump.
“I am aware that the rising expense of living is everyone’s top worry. It is fueled by rapidly rising gas prices, which are brought on by both our depreciating currency and increasing global crude oil prices. I am aware that families and businesses are under terrible strain as a result.
“I know that people are being forced to make decisions that they shouldn’t have to, and I know that it has resulted in the devaluation of traders’ money and agonizingly amassed savings.”
“The administration is attempting to secure reliable and consistent supply of affordable petroleum products for the Ghanaian market,” the president continued. When this arrangement is successful and the currency is stable, it is anticipated that the increase in fuel prices would stop, providing relief for everyone.