A Review of the Nigerian Energy Industry

Ghana: Fuel prices rise as Cedi falls

Fuel-dispencer03 March 2014, Accra – The price of petroleum products in Ghana have gone up as a result of the free fall of the Ghana currency.

The prices of petroleum products have gone up Saturday morning between 3 and 6 percent at the pumps.

Petrol has gone by 6, 25 percent per liter and would now be selling at ¢2.55 pesewas per litre.

Kerosene would also be selling at ¢2, 60 pesewas per litre.

Diesel and Marine Gas oil has seen a little over 6 percent adjustment in price per litre.

However premix which is mainly used by fishermen just went up by 3.45 percent per litre and would be selling at the pumps at ¢1.20 pesewas.

Nonetheless, prices of liquefied petroleum gas (LPG) and residual fuel oil (RFO) remained unchanged.

Unlike the previous hikes where the price of the crude on the international market was the benchmark for adjustments, the latest hikes have been blamed on the falling cedi.

The Public Relations Officer at the national oil authority, Yaro Kasambatah, explained that the authority was forced to pass on the cost to consumers due to the reduction in the value of the cedi.

“When you look at the crude oil price as we do, we always have to come back and look at the product prices because actually all our importers go out to buy refined products so the crude is a necessary benchmark though but the fact in chief is the price of the refined product itself,” he stated.

Meanwhile, transport owners said the quantum of increase in the prices of the petroleum products was minimal and they would not increase their fares.

They however insisted they would increase if the price of fuel was hiked further in a fortnight.


– CajNewsAfrica

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