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Saturday, December 10, 2022

Ghana Petrol Prices Hit N910 Per Litre

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Petrol prices in Ghana are on a tear, reaching multi-year highs of $1.282 per lite, equivalent to N910 per litre in Nigerian Naira. Nigerian petrol prices are relatively cheaper, selling at N175 per litre in Lagos.

The Chamber of Petroleum Consumers Ghana (COPEC), has predicted that the prices of petroleum products could see another increase in the next pricing window, which commences on November 16, 2022.

According to COPEC, the depreciation of the Ghana cedi, coupled with other international market developments and forces, will be a major contributory factor for the upward review of prices.

Currently, petrol and diesel are selling at GH¢18 and GH¢23.49 per litre respectively at various pumps across the country, with commercial drivers and the general public lamenting the impact on the general cost of living.

Earlier in November, over 1,000 protesters marched through Ghana’s capital Accra , calling for the resignation of President Nana Akufo-Addo amid an economic crisis that has hammered the cedi currency and seen fuel and food costs spiral to record levels.

The president sought to reassure Ghanaians that the authorities would get the country’s finances back on track after consumer inflation topped 37% in September, a 21-year peak despite aggressive policy tightening.

Nigeria’s Dangote Refinery, which should come on stream next year could help lower fuel costs for Ghana, analysts say.

Dangote refinery once operational will convert crude oil, sourced from around the globe, into various products such as gasoline, kerosene/Jet fuel, diesel, propane/LPG, Polypropylene, and other value added fuels.

Some of these products are used to produce petrochemicals used for making plastics and other products.

Post completion, the refinery will become the dominant fuel supplier in Nigeria, with the ability to export to other parts of Africa, Europe and South America.

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