Ghanaians, especially motorists will have to cough up more money to buy fuel by March 2022 according to the Oil Marketing Companies (OMCs).
Chief Executive of the Association of Oil Marketing Companies, Kwaku Agyeman Duah, if the current trend on the world market, among other things remain the same, then consumers will be buying a litre of fuel for ¢8 in March.
In an interview on Joy News, Mr. Agyemang Duah explained that factors like the rise of the dollar against the cedi, sporadic increments in petroleum product prices on the international market, and fossil fuel prices in Ghana will all affect the price of fuel.
“The short-term one is up to March, we sure will be crossing the 8 cedis per litre by then,” he noted.
He also revealed in the interview with Joy News that some OMCs have had to shut down due to their inability to meet the high cost of doing business as a result of the frequent price hikes.
“You know we have got the taxes there, and the other levies and you have got your margin now if the taxes are too high you may have to forgo your margin. Now when you forgo your margin what do you use to pay your workers?” he said.
Meanwhile, transport fares are also expected to go up by up to 30%. Transport operators are currently engaging the government on the matter.
According to the transport operators, they have to increase fares because of recent price hikes in petroleum products and also high cost of spare parts.
In a related development, the National Petroleum Authority (NPA) has announced the restoration of the price stabilization and recovery levies (PSRL) on petrol, diesel, and LPG effective February 1, 2022.
In a statement dated January 31, 2022, the NPA stated that the restoration has become necessary to afford the sector financial muscle to subsidize the supply of petrol, diesel, and LPG.