Chief Executive of the Association of Oil Marketing Companies has revealed that consumers will have to pay more than ¢8 per litre for fuel come March.
According to Kwaku Agyeman Duah, should the price of petroleum products continue to soar on the international market among other things, Ghanaians would be experiencing new price hikes in March.
Speaking on JoyNews’ PM Express, he explained that taking into consideration the unyielding rise of the dollar against the cedi, as well as the sporadic increments in petroleum product prices on the international market, fossil fuel prices in Ghana would likely hit ¢8 per litre.
“The short-term one is up to March, we sure will be crossing the 8 cedis per litre by then, he told host, Evans Mensah.
He further revealed 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 operators are readying themselves to hike fares by 30% after a meeting with the Transport Minister this Thursday.
They cited the recent price hikes in petroleum products as their main motivator.