Petrol and diesel have gone up by about 347% and 338% respectively since the last 10 years (2010-2020), data from the Energy Commission (EC), National Petroleum Authority (NPA) and IES’ MarketScan revealed.
This is largely because of cedi depreciation and increases in taxes and levies.
Over the decade, the cedi has depreciated by approximately 265%, beginning at a yearly average of GH¢1.43 per US dollar in 2010 to a yearly average of GH¢5.22 per US dollar in 2019.
“Regardless of general reduction of crude oil prices over the decade, the depreciation of the Cedi, government fiscal policies among other factors significantly affect the price Ghanaians pay at present for finished products.”
According to the analysis, Ghanaians were paying more than four times the amount paid for a litre of gasoline in 2010.
The average pump price of gasoline stood at GH¢1.16 per litre (GH¢5.22 a gallon) in 2010, but in 2019 the average price was recorded as GH¢5.18 per litre (GH¢23.31 a gallon).
Likewise, the average pump price of gasoil moved from GH¢1.18 per litre (GH¢5.31 a gallon) in 2010 to GH¢5.17 per litre (GH¢23.27 a gallon) in 2019.
Year-on-year, the pump price of gasoline experienced increase of averagely 18.4% between year 2010 and 2019. Within this period, 2014 recorded the highest year-on-year increase of 37% with an average price of GH¢2.84 per litre as against GH¢2.07 per litre in 2013.
The slimmest yearly increase of gasoline pump price was recorded in 2019, as average price per litre jumped from previous rate of GH¢4.80 to GH¢5.18.
Source:Fiilafmonline/JoyBuss
