As a result, oil marketing companies (OMCs) have raised the prices of their goods. The OMCs were selling petrol per litre on Monday, October 17, 2022. ¢13.10, from the previous price of ¢11.10, about 16% increase.
Diesel per litre has shot up to about ¢15.99, from the previous price of ¢13.90.
The price of Liquefied Petroleum Gas (LPG) is expected to go up by about 10%.
Also, as a result of competition, the pricing of petroleum products may be lower than the above prices at the pump at some OMCs.
In a similar development, the Institute for Energy Security (IES) predicted that fuel prices would rise beginning Sunday, October 16, 2022.
This was owing to product price rises on the worldwide market, as well as a dramatic drop in the value of the local currency against the American greenback, or US dollar.
Meanwhile, Mr Sammy Gyamfi, the National Democratic Congress’s national communications officer, has questioned why Vice President Mahamudu Bawumia, who chairs the Akufo-Addo government’s economic management team and was once hailed as Ghana’s ‘economic messiah,’ is nowhere to be found despite the country’s current economic woes.
Inflation is hovering about 37%, and the cedi is selling for more than GHS12 per US dollar.
Mr Gyamfi turned to Twitter to lament the current economic crisis and inquire why the Vice President has yet to speak.
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