The Association of Oil Marketing Companies says the recent increase in fuel prices is due to a hike in the global oil market.

Fuel prices at the pumps shot up from GHS6.05 to GHS6.23 over the weekend, an increase that many consumers have expressed concerns over.

On the other hand, oil prices on the world market currently sell at over 73 dollars a barrel from about 60 dollars a barrel in March 2021.

Board Chairman of the Association of Oil Marketing Companies, Henry Akwaboah stated that these upward movements account for the hike in the local market.

“Fuel prices are determined largely by the prices on the world market and the rate of exchange between the US Dollar and the Ghana cedi. As you know, world market prices have been going up. It’s been going up for the past month or so, but oil marketing companies have maintained their prices at the level we have been all this while.”

“We have reached a point where it is no longer feasible for us to continue to absorb these costs, so we need to really recover our loss fully otherwise we would be doing business for nothing.”

He however called on consumers to bear with them as they strive to keep their businesses afloat.

“We are appealing again to the consuming public that as much as possible we try to contain all the costs associated with getting the petroleum products to them, but these are difficult times, and we wished that we could continue to accommodate the rising cost of petroleum products in the oil market but at this stage, it is very difficult for us, so they need to bear with us, and we can assure them that they will get value for money when they go to the pumps”

Following the implementation of some new taxes introduced in the 2021 budget statement, from the 1st of May 2021, fuel prices saw an increase from GHS5.45 to GHS6.5.

The increment was met with a lot of public uproar with many lamenting its impact especially amid the economic effort of the Covid-19 pandemic.