Fuel Prices Break The ‘¢8’ At The Pumps

Petroleum prices in Ghana have surpassed GH8 at major petrol filling stations.

In recent weeks, there have been concerns that global developments in eastern Europe, particularly the Ukraine-Russia issue, could affect crude oil prices.

Prices in Ghana had been below GH8 for some time, but major oil marketing companies (OMCs) fixed their prices over that mark at the March pricing window on Tuesday.

At the pumps, Total Ghana, for example, is selling Diesel and Petrol for GH8.29.

Vice President Dr. Mahamudu Bawumia recently expressed concern over rising gasoline costs and urged for a plan to address the issue.

“Many have suggested that the increase in petroleum prices will remain at such high levels [and] that we will not see any substantial drops,” he remarked during a national energy transition workshop organized by the Ministry of Energy.

“How do we, as developing countries like Ghana, react to this new reality if high oil and petroleum prices become the new normal, with their impact on macro variables in our economies?” It is obvious that we require a strategy.”