Starting from February 1, significant changes in Ghana’s fuel prices will impact the transportation sector, with varying effects on different fuel types. While some consumers will benefit from lower prices, others will face higher costs.
The Chamber of Petroleum Consumers (COPEC) has reported that diesel and liquefied petroleum gas (LPG) users can expect price increases, driven by a rise in global crude oil prices, which have surpassed $80 per barrel.
On a more positive note, petrol prices are expected to decrease, providing some relief to private vehicle owners and commercial drivers who primarily use petrol-powered engines.
Market analysts attribute the fluctuating prices to two main factors: the rise in global crude oil prices and the depreciation of the cedi against the dollar. Global crude oil prices have increased by 5.68%, rising from $76.72 to $81.08 per barrel, directly affecting local fuel pricing across Ghana’s cities.
Additionally, the cedi has depreciated by 1.58%, falling from GHS14.85 to GHS15.09 against the US dollar, further complicating the situation.
Local transportation unions are closely observing the situation, as the price changes will impact operating costs differently across sectors. Small business owners and commercial drivers are already considering how the price variations between petrol and diesel will affect their operations in the coming months.
These adjustments are part of Ghana’s ongoing effort to manage fuel prices amidst global market shifts, reflecting the complex relationship between international forces and local economic conditions.
Source: ghanasummary.com
