Market

Fuel prices beat NPP to ‘break the 8’

Transport operators to pay more for fuel

Upward adjustment of fuel prices earlier projected by COPEC, IES

Prices of crude oil a contributing factor to increase in fuel prices

The New Patriotic Party’s desire to be the first political party under the Fourth Republic to stay in power for more than eight years may well be alive but they have now lost the “Break the 8” race to fuel prices. They may soon lose out to the dollar which is now selling at over 7 cedis on the inter-bank market.

Noted for the catchy slogans and taglines, the NPP, in the aftermath of the last election decided to steal a march on their opponents but coining the “Break the 8” slogan.

In Ghana, political parties have so far only managed to be in power for at most 8 years, which is the equivalent of two-straight terms in office but the NPP believe they have done enough to get another mandate from the Ghanaian electorate come the next election in 2024.

It would be recalled that Vice President Dr Mahamudu Bawumia in December 2021 said the governing New Patriotic Party will be the first to break the 8-year power cycle in Ghana.

He attributed his comment to what he termed as the good governance of the NPP.

But currently, the prices of fuel have gone up to GH¢8.290, the first to break the 8 cycle.

Some Oil Marketing Companies (OMCs) have already begun adjusting the prices of fuel at various pumps.

A photo that has gone viral on social media shows that Total oil is now selling a litre of diesel and petrol at GH¢8.290.

This upward adjustment was earlier projected by the Chamber of Petroleum Consumers Ghana (COPEC) and the Institute of Energy Security (IES).

They attributed the upsurge in petroleum products to a result of a sharp increase in brent crude, gasoline, and Gasoil on the international market.

Also, the depreciation of the local currency against the US dollar is another contributing factor in the increase in fuel prices.

Currently, there is a 7.42% increase in brent crude, 9.46% increase in gasoline, and 8.52% increase in gasoline.

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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