The increment on the prices of oil on the international market is affecting local prices of fuel in Ghana.
Pricing and Monitoring Officer at COPEC-GH, Mr Samson Addae, who spoke to Plan B FM on the ‘ebaanosen show’ said prices of oil on the international market has surged thereby affecting the prices of fuel.
He made an estimation that by 16th October, petrol prices might go up by 11% that is prices will move from Gh11.09 to Gh12.38 per liter or from Gh65.00 per gallon to Gh68.00.
Diesel prices will also appreciate by a rate of between 8% to 9%, prices will shoot from Gh13.00 to Gh15.15 per liter or Gh62.00 to 65.00 per gallon.
He also cited the drastic decline in the Ghanaian Cedi against the dollar as another factor for the rise in fuel prices. The cedi has depreciated by a rate of 4% against the dollar,
He added that government cannot decrease the prices of fuel as it might affect the tax proponent generated by the nation.
He further encouraged the government to employ the use of public buses to deal with the issues of transportation amidst other suggestions to curb the price hike of fuel
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