The Association of Oil Marketing Companies (OMCs) has justified the increase in petroleum prices.

Some OMCs started raising the prices of petroleum products at the pumps on Tuesday morning.

Petrol and diesel prices are going for an average of ¢18 and ¢23 per litre, from the previous prices of ¢15 and ¢19 per litre respectively.

Presently, the price of crude oil on the world market is relatively stable, selling at $94 per barrel.

But the price of fuel has gone up by more than 100% since the beginning of the year. Petrol and diesel sold at about ¢7.5 per litre at the beginning of 2022.

This latest increment comes barely 48 hours after President Akufo-Addo announced plans to import cheaper fuel.

In an interview with JoyNews on this development, the CEO of the OMC, Kwaku Agyemang-Duah explained that the new prices are a reflection of the depreciation of the cedi and prices on the international market.

“There would be an increase in the next pricing window because of the depreciation of the cedi to the dollar. … over the period the issues have been piling up so we have to do something to it,” he told JoyNews’ Evans Mensah.

However, reacting to the recent increment, fuel consumers say the increase is affecting their businesses.

"I used to spend GHȼ350 to fill my car tank but right now it is almost GHȼ600. I don't make money, sometimes you will drive all day and not earn the money used to purchase the fuel but we are hoping and praying to God that things will turn around one day," a fuel consumer said.

Another consumer urged the government to work on lowering fuel prices because they lead to an increase in the prices of goods.

"The rate at which the fuel prices increases is our problem. Formally, it increased in bits every two or three weeks; you know how to adjust; however, the current rate of increase is too fast; you don't have time to adjust to the new one before another increment arrives, leaving us with no room to strategise," another consumer complained.

Meanwhile, The Information Minister, says government has tasked the Energy Ministry and the National Petroleum Authority (NPA) to find reliable and cheaper sources of fuel.

According to him, this arrangement, when successful, coupled with a stable currency will halt the escalation of fuel prices and bring relief to Ghanaians.

Kojo Oppong Nkrumah, in an interview on Joy FM’s Midday News on Monday, said works are already in motion to that effect, adding that the end result will be a relief to Ghanaians as see a halt in transport fares and goods.

“The deregulated market we have here where BDCs import from big companies on high fees from the refinery wherever and bring them in is contributing to the quickened escalation of fuel prices.

“To arrest it, the Energy Ministry working through NPA and other agencies etc is been tasked to finding reliable, cheaper sources of fuel for the Republic so that the OMCs locally can tap into and hopefully halt that escalation in fuel prices,” he said.