Fuel Price Increases: Petrol And Diesel Prices Go Up By 16% On October 16

• Fuel prices at filling stations increased for the umpteenth time in Ghana on October 16, 2022
• Petrol is now selling at GH¢13.10 per litre, while diesel now selling at almost GH¢16 for the same quantity
• With the way Ghana's economy is structured, increases in fuel prices affect transportation costs which in turn hike the prices of goods and services

Fuel prices at the pumps went up again over the weekend, pushing the prices of petrol and diesel up by some 16% on October 16, 2022.

According to average price data monitored by YEN.com.gh, petrol has shot up to GH¢13.10 per litre from GH¢11.10, while diesel is now selling at almost GH¢16 from an earlier pump price of GH¢13.90.

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Liquified Petroleum Gas (LPG), which is the main fuel used for cooking in Ghana homes, has been hit by a 10% increase per kilogram in the first pricing window for October 2022.

According to Statista, since January this year, the price of petroleum products in Ghana has increased by approximately 67%.

Reasons for the October 16, 2022 fuel price increases

One of Ghana’s authoritative energy think tanks, the Institute for Energy Security (IES), has said the recent pump price increases are due to an increase in refined products on the international market.

IES also cited a significant decline in the value of the cedi against the dollar as another factor for the increases.

October Fuel Price Hikes Threaten Already High Inflation Figures

YEN.com.gh reported previously that Ghanaians are already battling high inflation figures with September 2022's inflation rate reaching an unprecedented 37.2% since July 2001.

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Inflation moved up from 33.9% in August 2022, representing an almost 4% increase.

Data released by the Ghana Statistical Service (GSS) revealed that prices of imported goods increased in prices by 40.7% as compared to prices of domestic items, which rose by 35.8% due to a weakening cedi.

Also, September's high inflation was driven by housing & utilities, which increased by 68.8%; transport which rose 46.8% due to fuel price hikes and food products, which rose by 36.8%.

With pump prices increasing by 16%, there is a high possibility that October's inflation figures will also increase significantly.

Source: YEN.com.gh