Fuel prices in Ghana are expected to rise from 1 September due to a weaker local currency and supply shortfalls, despite falling crude oil prices on the global market, the Chamber of Oil Marketing Companies (COMAC) said on Friday.
Petrol prices are projected to climb by between 3.9% and 5.4% per litre to about 13.67 Ghana cedis, while diesel could rise 3.4% to 14.35 cedis per litre, according to COMAC’s pricing outlook. Liquefied petroleum gas (LPG) is forecast to increase by up to 4.6% per kilogram.
The cedi has depreciated nearly 4% against the U.S. dollar in the past month, trading at 11.20 to the dollar compared with 10.71 in late July – its sharpest monthly fall since January.
COMAC said the depreciation offset a decline in global petroleum prices, with petrol down 0.45%, diesel down 3.7% and LPG down 1.7% in August.
It also cited a one-cedi levy on petroleum products and recent shortages of petrol in the local market as additional factors behind the expected price hikes.
Several oil marketing companies raised pump prices in mid-August following supply disruptions, even though international benchmarks had eased.
Myjoyonline.com contributed to this story
