Fuel prices hit GH¢6.13 per litre

Fuel prices in the country have consistently seen an increment since 2021 began, sparking fears that consumers may pay high rate per litre.

Fuel pump

Fuel prices have increased across various pumps in the country.

The increase is based on figures provided by the Bulk Oil Distribution Companies (BOST).

The price of fuel for instance at the Shell Station pump is currently selling at GH¢6.13 per litre.

As of April 2021, current figures from the pumps show that prices of petrol and diesel which were both selling at an average price of GH¢5.4 per litre have increased.

Osei Kyei-Mensah-Bonsu, the Caretaker Finance Minister presenting the 2021 budget and economic statement of the government introduced a new 10 pesewas Sanitation and Pollution Levy as well as a 20 pesewa levy to cater for charges on the country's excess power capacity subject to parliamentary approval.

It is unclear if the factors influencing the price of fuel in the country are closely linked to global crude oil prices.

Earlier, the Institute for Energy Security (IES) had projected fuel prices on the local market to increase marginally in the first pricing window of January 2021.

According to the IES, for the period under review, fuel prices have been appreciated locally.

"Price of petroleum products within the second Pricing-window of December 2020 saw the majority of Oil Marketing Companies (OMCs) increasing prices of Gasoline and Gasoil at the pump. The current national average price of fuel per litre at the pump is pegged at GH¢4.79," the IES explained.

On the global market, oil prices fell on Friday, January 15, 2021, as concerns rose about Chinese cities in lockdown due to renewed Coronavirus spikes.

Many oil producers are facing unparalleled challenges balancing supply and demand equations involving vaccine rollouts and renewed lockdowns as a result of the COVID-19 pandemic.

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