Concerns have been raised by media figure Bridget Otoo regarding the recent spike in fuel prices during the country's ongoing economic crisis.

Otoo expressed dismay at the government's decision to secure a loan from the International Monetary Fund (IMF) to address financial challenges while fuel prices continue to rise, placing a heavier burden on citizens.

She noted that despite expectations of improvement following the IMF loan, the cost of living continues to worsen, with fuel prices anticipated to reach 17 cedis.

Bridget shared her concerns on social media, highlighting the discrepancy between the expected benefits of the IMF program and the current economic challenges faced by Ghanaians.Background

Petroleum consumers in the country witnessed another hike in the prices of products on April 4, 2024.

This came after the National Petroleum Authority (NPA) reversed its decision to suspend the Price Stabilization and Recovery Levy (PSRL) on the price build-up of petroleum products.

In a letter dated April 3, 2024, and copied to various stakeholders in the oil marketing and distribution industry, the regulator [NPA] directed them to apply 16 pesewas per litre of Petrol, 14 pesewas per litre of Diesel, and 14 pesewas on every Kg per Liquefied Petroleum Gas (LPG).

In the wake of this, the state-owned Oil Marketing Company, GOIL, adjusted its prices of petrol and diesel selling at GH¢14.15 per litre and GH¢14.74 per litre respectively.

The price adjustment, according to GOIL took effect on April 4, 2024.It is expected that other OMCs in the country will also adjust their prices to align with the directive issued by the NPA.

See tweet below:

Fuel is expected to hit 17cedis. The scariest part is we are on an IMF program and things are supposed to be better— Bee (@Bridget_Otoo) April 6, 2024