At several gas stations around the nation, fuel prices have risen over the weekend to approximately GHS16 per litre.
For instance, at Total Energies, a reputable oil marketing company, the price of diesel is currently GHS15.99, while the price of gasoline is GHS13.10.
This represents a significant increase over the GHS11.06 per litre for gasoline and GHS13.95 for diesel earlier in the month.
The country's escalating fuel prices, which began in January at roughly GHS6.5 per litre, have been primarily blamed on the rising cost of the commodity on the global market and the ongoing devaluation of the cedi.
Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers Ghana (COEPC), highlighted to Citi Business News that if the government does not step in, the price might reach GHS18 per litre by December.
"For diesel, we are now at GHS15 per litre. The cedi has unquestionably not reached a point of stability, and if it keeps falling, a further increase is expected to occur in the first week of November. You'll probably see that Ghanaians could end up paying between GHS17 and GHS18 per liter of fuel between now and December.
"I do not want us to get there, and I believe that the authorities and people in the policy arena will need to wake up," he continued.
Crude oil was selling for about $75 per barrel in January of this year, but it is now selling for roughly $86 per barrel.
On the other hand, the dollar started the year at GHS6.5 and is now worth more than GHS12.
Despite recent government initiatives, such as the $750 million bank loan from Afriexim and the $1.13 billion syndicated loan to finance the acquisition of cocoa beans for the crop season of 2022–2023, among others, the local currency has continued to depreciate sharply.