Fuel Prices Shoot Up: Prices Increased From GH¢13 to GH¢14 As Expert Predicts Imminent Shortage

• Fuel prices have increased twice in October 2022, threatening to increase food prices and transport fares in the coming days
• The second increase in the price of petrol and diesel has happened days before the second pricing window on October 30
• According energy expert Duncan Amoah a third increase in petrol and diesel will happen on October 30
• He also said a shortage of the product is looming as BDCs struggle to get dollars to import the products

Even before the second fuel pricing window on October 30, 2022, prices of petroleum products have shot up significantly.

Oil Marketing Companies (OMC) have hiked the prices of petrol and diesel by some 10%. During the first pricing window on October 16, pump prices went up by 16%.

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Big OMC brands like GOIL and TotalEnergies have raised the prices of a litre of petrol to GH¢13.99 from GH¢13.10.

But smaller OMC brands in Ghana like Petrosol and Engen have hiked the prices of their petroleum products much higher.

According a report by Joy Business, Petrosol is selling petrol for GH¢17.45 per liter, Engen is selling a liter of petrol for GH¢17.54. This means that by October 30, when new pump prices are announced, it could go further up.

The report further stated that some unnamed OMCs are even selling a liter of diesel for between GH¢19. 89 pesewas and ¢19.44 pesewas.

The Chamber of Petroleum Consumers Ghana (COPEC-GH) has said prices of petrol, diesel and other petroleum products will go up further by the second pricing window.

Executive Director of COPEC-GH, Duncan Amoah has said the cedi depreciation is so swift and severe that OMCs can no longer wait for the bi-weekly review of prices of petroleum products.

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"That is not all. In fact there are not enough dollars in the system to import petroleum products. So now we are having to turn away vessels bringing us the products because the Bulk Distribution Companies can't get dollars to buy them.

"We are looking at a situation where there will long queues and gallons at filling stations because the petroleum products are not there," he told YEN.com.gh.

GPRTU To Increase Transport Fares By 19% From Saturday October 29

Meanwhile, YEN.com.gh has reported in an earlier story that from Saturday, October 29, 2022, transport fares will go up by 19% more.

The Ghana Private Road Transport Union (GPRTU) has said the fares are going up because of the fuel price increases.

The GPRTU also said the rapid fall of the cedi against the dollar and the galloping rate of inflation, which have hiked the prices of goods and services, compelled the union to also increase the fares.

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Source: YEN.com.gh