General News of Sunday, 9 October 2022Source: www.ghanaweb.comThe usually bustling streets of Accra during the weekends became a thing of the past as the increase in oil prices compelled then-General Ignatius Kutu (I.K) Acheampong's government to ban the use of petrol by private vehicles on weekends. In terms of inflation, oil prices directly affect the prices of goods made with petroleum products. The extent to which oil price increases lead to consumption price increases depends on how important oil is for the production of a given type of good or service. Oil price increases can also stifle the growth of the economy through their effect on the supply and demand for goods other than oil. Increases in oil prices can depress the supply of other goods because they increase the costs of producing them.
