Fuel prices to go up between 5% and 10% – IES

Consumers of petroleum products should expect fuel prices to go up between 5% and 10% at the various pumps across the country from September 2022,

According to the Institute for Energy Security, IES, this will add close to 70 pesewas to the current prices.

Currently, a litre of petrol is going for about GHS11 on average and GHS13 on the average for diesel.

The Institute attributes the rise to the sharp depreciation of the Ghana Cedi against the US Dollar at over 10%.

It is thus advising consumers to plan accordingly to the expected price hikes in the coming days.

“Whereas the price of Gasoline has fallen by 5.87% and that of LPG by 3.28% the Institute of Energy Security (IES) projects that prices of these products would rise at the pumps. For Gasoil, the 6.48% increase in price will further increase the rate of price jump in September. Beginning September 2022, fuel prices are set to see a sharp jump between 5% to 10% at the various pumps. This will add close to GH70p to the current prices,” it noted.

Local Fuel Market Performance

Prices at the local fuel market rose marginally in the just-ended pricing window. Oil Marketing Companies (OMCs) monitored within the pricing window added on average GH20.00p on their prices at their pumps.

The national average price per litre of Gasoline stands at Gh¢10.95 up from Gh¢10.58 in the last window, representing a 3.50% increase. Gasoil’s national average price per litre stands at Gh¢13.42 from a previous average of Gh¢13.28, representing a 1.05% increase.

Within the window, the IES Marketscan picked Shell/Vivo, Total and Goil, as OMCs with the highest-priced fuel on the downstream petroleum market. Meanwhile, Benab Oil, Zen Petroleum, Allied, Petrosol and Goodness Oil were spotted as the OMCs with the least-priced fuel on the local fuel market.

World Fuel Market

The world fuel market saw price changes as monitored on Standard & Poor’s (S&P’s) Platts platform within the just-ended pricing window. Gasoline price fell by 5.87%, from its initial price of $1010.75 per metric tonne to the end date price of $951.39 per metric tonne. Gasoil price however saw a rise of 6.48% in its price from its earlier price of $1032.00 per metric tonne to a present price of $1098.89 per metric tonne. LPG’s price on the international market also continues to drop, shedding off 3.28% from $620.38 per metric tonne in the last pricing window to an end date price of $600.02 per metric tonne.

Source: Ghana Business