Ghana’s fuel prices have increased slightly, driven by the depreciation of the local currency rather than global oil volatility.
According to the Chief Executive Officer of the Chamber of Oil Marketing Companies, Dr Riverson Oppong, the recent uptick at the pumps is largely due to the cedi’s 4% depreciation against major currencies, particularly the US dollar.
Speaking on TV3’s Business Focus, Dr Oppong explained that the weakening local currency has directly affected the cost of LPG, diesel, and petrol, which are priced in foreign exchange.
“The marginal increase we see today is purely due to the depreciation rate at the forex level,” he said.
How much fuel prices are expected to rise on September 1
The price of diesel has seen a modest rise of between 1.2% and 3%, while petrol has reacted differently due to separate market dynamics.
Ghana’s fuel pricing operates under a deregulated regime, meaning prices are adjusted based on international benchmarks and currency movements.
With the cedi under pressure and global oil prices still volatile, consumers and industry players are watching the market closely.
SA/MA