Ghanaian authorities on Friday announced a steep increase in fuel price saying the ex-pump price of petrol will go up by 64 percent.
Albert Kan-Dapaah, Minister of Energy, said a gallon of petrol would now sell at 10,500 cedis (about 1.5 dollars) while a gallon of diesel would now sell at 8,800 cedis (1.25 dollars).
The government said the Tema Oil Refinery has accumulated a debt of about three trillion cedis due to the unrealistic price regime applied in the past.
The steep rise, government officials said, were still below the recovery prices adding that a formula for automatic adjustment of prices would be announced soon.
Source: GhanaWeb
