Fuel price increases in 2021, a mid-year analysis

Generally, fuel prices have been increased more than 8 times in the first half of 2021 alone.

From GHC4.97 per litre on January 4 to GHC6.32 on June 21, fuel prices have shot up by 27.2% in the period under review.

On the average, fuel prices during the period were around GHC5.66, which is about GHC3.00 below the global price.

Month by Month Analysis

January

• January recorded a fuel price hovering around GHC4.97.
• The average fuel price in January was a little over GHC5.00
• In all, fuel prices increased at least 3 times in the month under review.

February

• In February, fuel price hovered around GHC5.16, making it higher than the average fuel price in January.
• The average fuel price in February was a little over GHC5.20 making it higher than the initial price.
• In all, fuel prices increased at least 2 times in the month under review.

March

• The month of March recorded a fuel price around GHC5.00, making it higher than the average fuel price in February.
•  In March, fuel prices were stable relative other months, resulting in the month’s average fuel price being the same as the initial price.

April

• April recorded a fuel price that was the same as the average price in March. 
• The month had an average fuel price of a little over GHC5.40.
• In all, fuel prices increased at least once in the month under review.

May

• Fuel price in May hovered around GHC5.64.
• The average fuel price in May was a little over GHC5.90 making it higher than the April price.
• In all, fuel prices increased at least 3 times in the month under review.

June

• June, the final month of the first half of 2021 started with a fuel price around GHC6.31.
• The average fuel price in June was a little over GHC6.30 which was higher than the month’s initial price.
• In June, there was a decrease in fuel price from GHC6.31 to GHC6.29, making it the only month when fuel price dropped.
• In all, fuel prices increased at least once in the month under review.

Credit: This analysis is based on data on fuel prices from Global Petrol Prices’ website.

Source: Ghana News