Petroleum prices have exceeded GH¢8 at major fuel filling stations in Ghana.
There have been fears in the past weeks that global events in eastern Europe – the Ukraine-Russia crisis – could worsen the prices crude oil.
The prices have remained below GH¢8 for some time now in Ghana but at the March pricing window on Tuesday, major oil marketing companies (OMCs) pegged their prices beyond that mark.
Total Ghana, for instance, is selling Diesel and Petrol at GH¢8.29 at the pumps.
Vice President Dr Mahamudu Bawumia had recently expressed concerns about the high prices of petroleum products and called for a plan to adjust to the situation.
“There are many who have said that the petroleum prices increase is going to remain as such high levels [and that] we are not going to see any major declines,” he noted at a national energy transition forum organised by the Ministry of Energy.
“Then how do we as developing countries like Ghana adjust to this new reality if it becomes the new normal of high oil prices and petroleum prices and its impact on the macro variable in our respective economies? It is clear that we need to have a plan.”
