Fuel price hikes affecting sale of high engine capacity cars - Automobile Dealers

Fuel now selling at GH¢8.29

Fuel prices to hit GH¢9 by the end of March

Transport fares increase by 15%

General Secretary of the Automobile Dealers Union Ghana, Clifford Ansu, has indicated that the current hikes in fuel prices is negatively impacting their businesses.

Fuel prices have seen sharp hikes in the first quarter of

Read full article2022, mainly attributed to the Russian-Ukraine crisis currently ongoing.

Petrol and diesel are currently selling at GH¢8.29 per litre by some major oil marketing companies.

These price increments according to the automobile association is negatively affecting the sale of high engine capacity cars.

Speaking in a CitiBusiness interview, he stated that, “rising fuel prices like we are experiencing affects all businesses. When some people come to our garages to buy cars, they look at the engine capacity, when the capacity is high, they get concerned about how to fuel the vehicle. Currently, a gallon of petrol is around GHC 37 and this is of concern to some. This leads to some opting for cars with smaller engine capacities.”

“Most garages have a mix of cars they sell from 0.8 engine capacity cars to 4.7 and 5.7 capacity cars. And the sale of the latter is being affected,” he added.

Apart from the automobile dealers association, other stakeholders have lamented the increase, leading to a 15% increase in transport fares.

Meanwhile, experts have projected that fuel prices are like to cross GH¢9 per litre by the end of March.