Ghana fuel prices: Why fuel prices rise from $0.8 to $1.14 dollars from Jan to Nov. 2021

Ghanaians dis week start dey agitate again sake of sudden rise in fuel price which catch $1.14 dollars.

Dis go be de second time fuel prices increase in de month of November alone.

Fuel prices start dey rise from January 2021 up to date.

Around January one liter of fuel cost $0.8, by February dis year e rise catch $0.82 and by March e reach $0.89.

But by October prices hit $1.08 dollars, only for de price to rise twice in November to hit de latest $1.14.

Ghana fuel prices: Why fuel prices rise from $0.8 to $1.14 dollars from Jan to Nov. 2021


Why fuel prices dey go up?

  • Weak nature of Ghana cedi?

Fuel prices dey up based on some external factors.

Executive Secretary of Chamber of Petroleum Consumers (COPEC), Duncan Amoah reveal talk BBC Pidgin say dis be due to cedi depreciation.

He explain say sake of de weak cedi, more cedis dey chase dollars to procure fuel.

As a result dis dey cause price increases in fuel for Ghana.

“Dis be largely sake of de cedi depreciation. A week ago you fit get de dollar for Ghc6.23 but now e dey around $6.40.”

“If we no control de currency depreciation, Ghanaians go suffer for it at de pump” he add.

  • Taxes on petroleum products

Apart from de weak nature of de cedi, de tax components which dey on fuel products dey make prices for Ghana high.

According to Mr Amoah, “we as COPEC submit memo give dem on how dem fit manage taxes at dis time when international prices be high.”

“But unfortunately de Finance minister read de budget but no mention anything on de problem of fuel prices” he reveal.

Govment reaction to fuel prices

Despite de concerns of other stakeholders, govment dey blame de price increase on de international market price increase which dem say dey affect de country directly.

Also dem put de blame partly COVID-19 which affect govment revenue which no dey allow make dem easily subsidize fuel price give Ghanaians.

Over 36 percent increase from January to November

Based on de price changes since January to November, Ghana record over 36 percent increase in fuel prices within 11 months.

What dis dey mean be say person wey dey buy 65 liters of fuel at 4.7 liters as at January to fill car go now pay Ghc454 cedis for de same 65 liters.

Dis mean say de consumer go pay Ghc149 cedis more for same quantity of fuel currently.

Ghana be one of African countries with highest fuel prices

Ghana dey rank as 11th African country out of 44 African countries with most expensive fuel prices.

Dis information be based on data analysis from Global Petrol Prices, open source platform wey dey gather data on cost of fuel across de world.

Ghanaian counterpart, Nigeria however be one of de African countries with de lowest fuel price.

While Ghanaians dey buy one litre of fuel for $1.142, Nigerians dey pay $0.619 for one litre of fuel.