• Fri. Aug 12th, 2022

Fuel prices to cross ¢8 per litre by March – OMCs

Consumers may have to pay more than $8 per litre for gasoline starting in March, according to the CEO of the Association of Oil Marketing Companies.

According to Kwaku Agyeman Duah, if the price of petroleum goods, among other things, continues to rise on the international market, Ghanaians will face further price hikes in March.

He noted on JoyNews’ PM Express that, given the dollar’s relentless rise against the cedi, as well as irregular increases in petroleum product pricing on the international market, fossil fuel costs in Ghana would certainly approach $8 per litre.

“The short-term one is up to March,” he told host Evans Mensah, “and we’ll definitely be crossing the 8 cedis per litre by then.”

He went on to say that some OMCs had to close because they couldn’t keep up with the high expense of doing business as a result of the repeated price hikes.

“You know we have taxes and other levies there, and you have your margin; nevertheless, if the taxes are too high, you may have to forego your margin.” “What do you use to pay your staff when you don’t have a margin?” he said.

Meanwhile, following a meeting with the Transport Minister on Thursday, transportation companies are preparing to raise tariffs by 30%.

Their main reason was the recent price hikes in fuel items.

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