According to the Institute of Energy Security, fuel prices at local pumps in Ghana increased by 3% in 2021, with costs per litre jumping from Gh6.50 peswas to Gh6.70 peswas.
The institution now forecasts a 7.42 percent increase in brent and a 9.46 percent increase in gasoline prices, respectively.
Consumers could expect an increase in local fuel prices in the future, as a result of the positive worldwide price shift. Fuel prices in Ghana are expected to rise this year from 6.70 pesawas to 7 cedis per litre at the pumps.
Apart from the hike in global fuel prices, the predicted increase will be due to the weakening of the cedi against the dollar.
Fuel prices in Ghana increased from 6.64 cedis to 7.07 cedis in the fourth quarter of 2021. Following an industrial action by Ghana’s private road transport union in December, the government ordered oil marketing corporations to reduce fuel rates.
Ghanaians were relieved at the pump for a brief period when Goil and other OMCs reduced fuel costs by 15 pesawas, bringing the price down to 6.70 cedis from 6.85 cedis.
This swiftly changed as global fuel costs began to rise in January. Brent was priced at 78.9 dollars from January 1st to January 3rd, 2022. From the 4th to the 10th, the price fluctuated between 80.8 and 81.99 dollars.