New Price of Fuel will take effect from Monday, 1st February.

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The increase in fuel prices has become so rampant that most transport owners have learnt to live with the occasional rise in prices

Information reaching us indicates that fuel prices are expected to go up by over 2 per cent per litre starting next week across various pumps in the country.

In a report filed by Ghanaweb.com, the increase is based on figures provided by the Bulk oil Distribution

Some major pumps across the country are currently selling at the new price, GH¢5.00 per litre while others are still selling at the old price, GH¢4.85.

Ahead of the next week’s increment, the Institute for Energy Security (IES) had projected fuel prices on the local market to increase marginally in the first pricing window of January 2021.

According to the IES, for the period under review, fuel prices have appreciated locally. “Price of petroleum products within the second Pricing-window of December 2020 saw majority of Oil Marketing Companies (OMCs) increasing prices of Gasoline and Gasoil at the pump,” the IES earlier explained.

Additionally, many oil producers are facing unparalleled challenges balancing supply and demand equations amid renewed lockdowns as a result of the Coronavirus pandemic.

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