Beginning September 2022, fuel prices are set to see a sharp jump between five percent and 10 percent at the various pumps.
According to the Institute for Energy Security, this would add close to 70
pesewas to the current prices.
Presently a litre of petrol is going for about GH¢11 on average and GH¢13.70 on
average for diesel.
The IES according to myjoyonline.com attributed the increase in fuel prices to
the sharp depreciation of the Ghana cedi to the US dollar which puts it at over
10 per cent during the last two weeks.
It, therefore, advised consumers to plan accordingly to the expected price
hikes in the coming days.
“Whereas the price of petrol has fallen by 5.87 per cent and that of Liquefied
Petroleum Gas (LPG) by 3.28 per cent on the world market, the Institute of
Energy Security (IES) projects that prices of these products would rise at the
pumps. For diesel, the 6.48 per cent increase in price will further increase
the rate of price jump in September (2022)”, it pointed out.
During the last pricing window ending August 31, 2022, prices of fuel rose
marginally.
Oil Marketing Companies (OMCs) monitored within the pricing window by IES added
on average 20 pesewas on their prices at their pumps.
During the period, the International Benchmark saw a 1.68 per cent price
reduction over the previous pricing window’s average price to a current average
price of $96.72 per barrel from $98.38 per barrel in the previous pricing
window.
Presently, the price of Brent crude is hovering around $109 per barrel.
Source: ghanaiantimes.com.gh