Fuel price increase: Diesel now selling at GH¢23.49 per litre

Petrol is also selling at GH¢17.99 per litre, while Kerosene is selling at GH¢14.70.

The development means Ghanaians will have to spend more on fuel, as well as goods.

The new prices was predicted by the Institute for Energy Security (IES). The not-for-profit organisation also stated in a statement that it expects that diesel prices will hit GH¢18 and ¢20 per litre for the November 2022 first pricing window.

Meanwhile, President Akufo-Addo on Sunday, October, 30, opined that his government is working assiduously to bring affordable petroleum to the country to help cushion Ghanaians and slow the rampant hikes at the pumps.

“I know that the increasing cost of living is the number one concern for all of us. It is driven by fast-escalating fuel prices at the pumps, caused by high crude oil prices on the world market and our depreciated currency. I know that this is putting intolerable pressure on families and businesses.

“I know that people are being driven to make choices they should not have to make, and I know that it has led to the devaluation of the capital of traders and painfully accumulated savings,’’ he added.

President Akufo-Addo further revealed that his government is working hard to secure reliable, and regular sources of petroleum on the international market

‘’The government is working to secure reliable and regular sources of affordable petroleum products for the Ghanaian market. It is expected that this arrangement, when successful, coupled with a stable currency, will halt the escalation of fuel prices and bring relief to us all, he added.

Other Oil Marketing Companies (OMCs) are expected to also increase prices of petroleum products at the pumps.