Here is how much you will be paying for your fuel

The increase in fuel prices is as a result of the continuous hike in crude oil prices on the international market due to the current tropical storms in the United States oil-rich state, Texas.

This is because the energy sector is likely to witness a major shock as it is anticipated that petroleum products will be increased by 14 percent before the end of this week.

According to Accra-based Joy FM, their sources show that the increase is as a result of the continuous hike in crude oil prices on the international market due to the current tropical storms in the United States oil-rich state, Texas.

Texas has been struck by Hurricane Harvey which has affected its key cities such as Houston and Corpus Christi.

The high quantity of rainwater that is currently covering the two cities has caused more than 10 refineries to close down.

These refineries produce more than three million barrels of crude a day.

Sources say this will affect the orders heading to some sub-Saharan African (SSA) countries like Ghana.

Meanwhile, the current summer conditions in Europe have doubled the demand for petroleum products, further impacting the price of crude which is currently trading at $54 a tonne.

Per calculations, a gallon of diesel now selling at ¢18.58 pesewas could go to a little over ¢20, while a gallon of petrol which goes for over ¢18 might go up to ¢21.15 pesewas.

However, consumers in Ghana may not be affected due to the current policy which gives the power to the over 90 Oil Marketing Companies (OMC) to set their own prices.

In a related development, analysts suggest that the OMCs may not increase their prices by the stated margin due to competition.

The analysts are also certain that the high prices will exist until winter when the demand for crude goes down.

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