The price of gasoline has already surpassed $8 per litre.

“Further, the cedi has seen a sharp depreciation against the dollar by 9.71% from Ghc6.8360 to Ghc7.500 to a dollar. However, the National Petroleum Authority (NPA) quoted a Ghana Cedi equivalent of Ghc7.179 to a dollar which is even lower than what the market is trading at.”

Earlier this month, Mr Edward Bawa, Member of Parliament for Bongo, predicted that petrol costs would reach 9 cedis per liter by the end of March.

According to Edward Bawa, if the government does not act quickly, prices will skyrocket before the end of the month.

“Let us be honest, if the government does not do anything and the next window, which is on the 16th of March, there is going to be an increase in fuel prices,” the opposition lawmaker said.

He stressed that “By the close of the moth we will hit 9 cedis per litre.”

Regarding the impact of Russian-Ukraine tensions, he said the situation is a blessing in disguise for Ghana, which is also an oil-producing country.

“You and I know that obviously Ukraine would have definitely had an effect on us but before Ukraine’s invasion there were was an increase in petroleum prices in Ghana.

“We are in the winter period and the demand for hydrocarbons in Europe and America were very high so, we were already in the ascending form, so that cannot be the case.

“Ukraine may have aggravated the situation but I am saying, in that particular state it is a blessing in disguise. While we complain about the prices in the local level, we are also always smiling to the bank because of the moneys we get from selling [crude oil] products. So it is a win-win in my opinion,” he told journalists in Parliament on Thursday March 10.

According to the Economic Times, oil prices rebounded on Thursday after a dramatic dip the previous session as the market considered whether major suppliers would increase supply to assist bridge the gap in output caused by sanctions against Russia for its invasion of Ukraine.

Brent crude futures were trading at $114.24 a barrel at 0419 GMT, up $3.10, or 2.8 percent, after moving in a $5 range. In the previous session, the benchmark contract fell 13%, its worst one-day plunge in over two years.

After trading in a $4 range, US West Texas Intermediate (WTI) oil futures were up $1.58, or 1.5 percent, at $110.28 a barrel. In the previous session, the contract had dropped 12.5 percent, the greatest daily drop since November.