Fuel prices up: Petrol going for GH₵12.88, diesel GH₵14.88 a litre

Fuel Prices Up: Petrol Now GH₵12.88, Diesel Hits GH₵14.88 Per Litre

Ghanaians are feeling the pinch once again as fuel prices climb at the pumps. The latest adjustment sees petrol selling at GH₵12.88 per litre, while diesel now costs GH₵14.88 — a significant jump that is expected to ripple through the economy.

The new prices, which took effect on Monday, were confirmed by the National Petroleum Authority (NPA) following the bi-weekly pricing window review. According to industry players, the increase is due to a combination of rising global crude oil prices, a weakening cedi, and increased refining and freight costs.

Market Forces Driving the Hike

Petroleum analysts cite Brent crude hovering above $89 per barrel as one of the key global factors influencing the adjustment. Additionally, the Ghanaian cedi’s recent depreciation against the US dollar has worsened the import cost for local fuel distributors.

“We’re importing more expensive fuel with a weaker cedi — that double impact is what consumers are now paying for,” explained energy economist Kojo Agyeman.

Impact on Transport and Cost of Living

Transport unions have already signaled possible fare increases if the prices persist or worsen. Commercial drivers in Accra and Kumasi told reporters that the new fuel prices make it difficult to break even.

“At this rate, we’ll have to increase fares, or we won’t survive,” one trotro driver lamented.

The knock-on effect is also expected to hit food prices and the cost of goods, as fuel costs directly influence logistics and production inputs.

Government Response and Public Concern

The Ministry of Energy has acknowledged the price hike but insists that global market conditions are beyond the government's control. However, many Ghanaians have expressed frustration, citing the rising cost of living and stagnant wages.

Civil society groups are calling on the government to cushion citizens with targeted subsidies or relief packages, especially for transport workers and low-income households.

“We understand the global situation, but people are suffering. We need a local response to this global crisis,” said Selorm Ayettey, a spokesperson for the Ghana Energy Justice Network.

What’s Next?

With no clear end in sight to the volatility in global oil markets and domestic currency pressure, analysts warn that fuel prices could remain high or even increase further in the next pricing window.

The NPA says it is closely monitoring the situation and working with stakeholders to explore policy options that can stabilize prices in the medium term.

Conclusion

The latest fuel price hike to GH₵12.88 for petrol and GH₵14.88 for diesel underscores the fragile nature of Ghana’s energy economy. As households, transport operators, and businesses brace for the ripple effects, pressure is mounting on policymakers to act swiftly and strategically to prevent further economic strain.