Godwin Edudzi Tameklo, Acting CEO of NPA
Ghanaians are bracing themselves for a slight increase in fuel prices, effective today, April 2.
The prices of petrol and diesel are expected to rise, while LPG users will experience a minimal decrease.
According to industry projections, petrol prices will increase by 2% to GHC 15.20 per liter, while diesel prices will rise by 1.1% to GHC 15.35 per liter.
On the other hand, LPG prices will decrease by 0.3% to GH¢17.30 per kilogram.
The surge in fuel prices is largely attributed to the rising global crude oil prices.
The increase in crude oil costs is fueled by U.S. sanctions and supply constraints affecting major producers like Iran and Venezuela.
Interestingly, the stability of the cedi is not a contributing factor to this hike.
The Ghanaian currency has maintained a relatively stable exchange rate in recent times.
However, not all Oil Marketing Companies (OMCs) are expected to adjust their prices immediately.
Some OMCs may delay the price increase due to market competition and consumer demand.
These companies may adopt a wait-and-see approach to retain their customer base.
The fuel price increase is likely to have a ripple effect on the economy, with potential impacts on transportation costs, inflation, and the overall cost of living.
However, as the prices take effect, consumers are advised to adjust their budgets accordingly and explore ways to minimize the impact of the price increase.
–BY Daniel Bampoe
