Fuel prices have gone up by five percent at the various filling stations across the country, according to checks by the Chamber of Petroleum Consumers Ghana (COPECGH).
The current increase in fuel prices has been attributed to the volatility in world market indexes over the past two weeks, coupled with some marginal depreciation in the cedi against the major trading currencies.
World oil prices over the last two weeks have seen some upward movements following the decisions by both OPEC and non-OPEC members to cut down on daily supply figures.
The decision to cut daily production levels has had some major impact on world price indexes, as prices on the world market surged by between 10 and 14 percent yesterday, trading at $52-$55/barrel from previous $47-$48/barrel.
The cedi also has depreciated against the dollar from $3.98 to $4.18, representing approximately 5 percent.
COPECGH, in a statement signed by its Head of Research and Pricing, Thomas Dodzi Tsoekeku, said these galloping movements and cedi depreciation are having a direct pass thru effects on local pump prices in Ghana’s deregulated market.
He said the second pricing window for the month of December, which began on 16th December, is expected to end on 31st December.
“Our checks across the various pumps indicate that prices have gone up by an average of 5 percent though many others, including GOIL, have maintained previous pump figures,” Mr. Tsoekeku said.
cephrok@yahoo.com
By Cephas Larbi