Ghanaians lament over latest fuel price hike as it hits GH¢5 mark

Some drivers and a section of the general public have expressed outrage at the latest fuel price hike that has hit the GH¢5 mark at some fuel stations as of Monday, September 17, 2018.

Checks by Goldstreet Business at some fuel stations in Accra revealed that a litre of diesel and petrol are being sold at GH¢5.18 and GH¢5.14 respectively.

Speaking to a taxi driver, Yaw Boadi at the Kwame Nkrumah Circle, he stressed that the price hike was rather unfortunate, adding; “it was just too much for an economy that is not getting any better."

Kweku Asamoah, a commercial driver worried about the increase said, it was going to adversely affect his children’s school fees and general upkeep.

"How are we going pay for their school fees and books with all this increment?" he lamented.

Some pedestrians Goldstreet Business spoke to, equally complained about the neglect of government to the plights of its citizens and called on President Akufo-Addo to fix the economy.

This follows the price of Brent crude on the world market moving up by about 6 percent for the period under review.

The Institute of Energy Security (IES) had earlier in a statement predicted that prices of fuel might soon hit GH¢5 per litre for the second pricing window in September between 16th to 30th.

The IES however, blamed the situation on the depreciation of the cedi, adding, other significant factors such as the increase in Brent crude on the world markets.

“Average Brent crude price is up by 6.2%; finished product prices have shot up by 1.64% and 5.01% for gasoline and gasoil, respectively. The cedi has depreciated by over 3% against the dollar within the period,” the statement said.

Currency experts have said the Ghanaian cedi, might soon hit GH¢5 to a dollar as it continues to struggle with significant trading currencies.

Paa Kwesi Anamoah Sakyi, Executive Director of the Institute of Energy Security (IES) speaking to reporters, cautioned that fuel prices at the pump will continue to go up until the cedi stabilizes.

Adding, Bulk Oil Distributors who purchase crude oil from the world market will have no option but to pass on the increasing cost of fuel to Ghanaians.

The IES entreats government to scrap some petroleum levies and taxes in order to save consumers from the effects of the fuel price hike.