Fuel shortage hits Accra

Prices Out Today: PREMIUM ?19,500 DIESEL ?16,500
The fuel shortage which has gripped the Ghanaian capital Accra for the past several days grew worse Thursday as long queues formed at petrol stations.

The crisis comes as the government ponders a huge hike in ex-pump petrol prices in the face of rising world crude prices and the depreciation of the Ghanaian currency.

Government officials have been suggesting that petrol prices couldrise by as much as 100 per cent or more by the end of the week.

Ex-pump petrol prices in Ghana are the lowest in the sub-region, giving rise to active smuggling to neighbouring countries.

Speculation of an imminent increase in fuel prices had led to shortages in Accra with fuel dealers and officials of the Ministry of Energy giving different reasons for the shortage.

While the fuel dealers said the national oil refinery was not meeting their demands, ministry officials said the refinery was pumping out its normal supplies and blamed the dealers for hoarding fuel in anticipation of an increase so as to reap a windfall.

Fuel Prices To Be Announced Today

It can authoritatively reveal that a gallon of premium will shoot up from ?10,500 to ?19,500. Price of diesel moves up from ?8,500 to ?16,500.

Ex-pump prices had remained static for two years despite the price of crude oil shooting from ?18.68 per barrel at December 2001 to yesterday’s rate of $32.00.

Within the same period the cedi has fallen ?7,223 to ?8,800 to the Greenback.

The rate which pegged the price of crude oil at $28 per barrel, takes into account the economic need to maintain import parity because the Government simply cannot go on allowing an unsustainable debt to build up.

According to the paper, the pending fuel price hikes have ignited heated debates, with some calling for a “Kume Preko” demonstration, with sympathizers of the difficult economic choices facing the nation promising to hit back with a “Ntease” (understanding) demonstrating of their own.