The new price at one of the OMCs pumps
OIL MARKETING Companies (OMCs) on Tuesday displayed new prices for petroleum products they sell at their pumps.
Petrol now costs GH¢17.99 per litre from GH¢14.99 previously while diesel was selling at GH₵23.49 per litre from GH¢17.99 before.
Analysts have attributed the fall in the value of the local currency against the US dollar and other major trading currencies to the rise in fuel prices.
The cascading effects of fuel hikes in recent times have been the wanton pricing of food, which has led to a high cost of living as the daily wages of patrons are not enough to cater for their needs.
Also, it has translated to hikes in the transportation of both individuals and food items.
In Ghana, the price of fuel is determined by a formula that takes into consideration the world market price of each petroleum product; the cost of importing or producing the product and making it available for loading to retail outlets at the storage depot (referred to as the Suppliers’ Premium); the Ghana Cedi (GHS) to US Dollar (USD) exchange rate; the taxes/levies on each petroleum product; and the distribution margins on each product.
BY Hudda Bala Abdul Manan