Fuel Prices Soar

The prices of petrol and diesel have seen a sharp rise.

This comes after the Oil Producing Countries (OPEC) decided to cut the amount of oil they export onto the international market in early October.

Although this was taken as a political decision among the West, OPEC denied, saying the decision was taken due to significant “uncertainty” about future oil demand, amid fears that the global economy is heading towards a recession, BBC reports.

In Ghana aside from the rise in the price of crude on the international market, this is impacting gravely on the Oil Marketing Companies (OMCs) and the final consumers due to the sharp depreciation of the Ghana cedi.

Currently, reports indicate that a dollar is sold at GHc12.45p.

Ahead of the surge, the IES warned of a possible rise in petroleum products.

As of Sunday, October 16, a litre of petrol at a pump was GH¢13.10, whereas a litre of diesel went for GH¢15.99.

Before Sunday, a litre of petrol was sold at GH¢11.10 while a litre of diesel was sold at GH¢13.99.

This has prompted the Ghana Public Road Transport Union (GPRTU) to reiterate its demand for an increase in transport fares by not less than 30%.

The Union is expected to meet with stakeholders to negotiate an inevitable increase in transport fares.

Source: opmesuo.com/Hajara Fuseini