Fuel Costs Will Increase in February

In the upcoming pricing window of February, the Institute of Energy Studies predicts that gasoline would retail for roughly GH$15 per litre.

This, according to the institute, is a result of the cedi’s nearly 10% depreciation against the US dollar as well as the price of gasoline and oil rising by almost 14% and 7.6%, respectively, on the international market.

This is true even though the government implemented the “gold for oil” strategy, which aims to find cheaper fuel in exchange for gold, and received around 40,000 metric tonnes of fuel as a result.

This is a part of the government’s attempts to address the high price of gasoline at the pump, which has helped to drive up inflation in the nation, which is presently hovering around the 50% mark.