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Fuel Price shoots up again

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Shell and Total have increased the price of fuel at the pumps to accommodate the recent fall in the value of the Ghana cedi in relation to major international trading currencies such as the dollar.

The cedi almost hit the $1: GHS6 mark about a month ago but began gaining value a week ago after the government pumped $800 million into the system coupled with the recent $3 billion Eurobond which was oversubscribed by six times.

The local currency, as of Friday, 22 March 2019, was trading at $1: GHS5.1. Checks show that the two oil marketing companies hiked their litre price of diesel and petrol by six pesewas.

Consequently, a litre of petrol and diesel are sold at the pump for GHS5.24. This represents a 1.16 per cent increase from the recently-hiked GHS5.18. This is the second fuel price hike in March.

Other OMCs are yet to adjust their pump prices.