Beginning in September 2022, fuel prices are expected to rise by 5% to 10% at the pumps.
The Institute for Energy Security estimates that this would add close to 70 pesewas to current prices.
Currently, a litre of petrol costs about GH11 on average, and a litre of diesel costs about GH13.70 on average.
According to myjoyonline.com, the IES attributed the increase in fuel prices to the sharp depreciation of the Ghana cedi against the US dollar, which has reached more than 10% in the last two weeks.
As a result, it advised consumers to prepare for expected price increases 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 fuelrose 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
