It’s now official that fuel prices have shot up once again and you can therefore expect the development to come with changes in prices of other products on the market.
Last week, reports emerged that the price of fuel would imminently go up and, the increase took effect at the pumps on Tuesday.
Currently, a litre has hit the GHc5 mark, a development which many Ghanaians unhappy about.
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The likes of Shell, GOIL, and other fuel stations are selling a litre for more than GHc5.10, to the surprise of many motorists.
But whenever fuel prices shoot up, it comes with so many implications for the average Ghanaian in terms of spending.
Here are four things that will be affected by petrol/fuel price increase:
a. Transport prices increase
The recent fuel hikes will have an effect on the prices of many things, but the ones to feel it first are drivers and other motorists.
The fuel hikes mean drivers will now spend more on petrol or diesel for their cars and that in turn means that transport fares will also be increased. Maybe the government can help out by subsidizing, but it remains a fact that transport fares will imminently go up.
b. Prices of goods and services shot up too
Fuel hikes also have direct effects on the prices of goods and services on the market. Once every retailer also factors transport fares into his or her business, then certainly the prices of goods will also shoot up.
Fuel remains the only commodity that can affect the price of almost every other product in our part of the world. This is because everyone uses fuel in their day-to-day activities.
c. Utility prices
The next in line to be affected by the recent fuel hikes is utility prices. The Energy sector will also be affected because the crude is also used to power energy.
Meanwhile, almost every domestic gadget is also now being powered by electricity, so just imagine the cost.
d. Salaries are also affected
The biggest effect that this fuel hikes will have on Ghanaians is in the pockets. Whiles people are expected to pay bills, there is no guarantee that their salaries will be increased.
People continue to receive the same salaries, yet their expenses will now go up and that means extra cost in anything they do.
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