Fuel prices to go up 12 percent by October ending – IES

Ghanaians would be expected to pay more for fuel products come October ending. The predicted upward adjustment in fuel prices according to the Institute of Energy Security (IES) follows the decline of the cedi against the dollar. According to the Institute, the increase of price products on the international markets is also a contributory factor. The EIS in its review of the October 2022 second pricing-window, revealed that even though the rise in price of Liquified Petroleum Gas (LPG) on the international market may be low, Ghanaians may feel a significant shoot in price due to the constant decrease in the value of cedi. The national average price per litre of gasoline currently stands at Ghc11.05 up from Ghc10.90 in the last window, representing a 1.36% increase meanwhile the average price per litre fell to Ghc13.98 from Ghc14.45 representing a 3.25 percentage reduction. But in the IES’ analysis, it projected consumers of gasoline and gasoil may pay between 7 and 12 percent more for a litre at the pump in the next two weeks. This means gasoil per litre price hinging close to Ghc15. To that end, “the Institute for Energy Security (IES) projects an increase in price for all major products at the pump, due to the increases in price of the products on the international market, and the significant decline in the value of the local currency against the greenback. “Although the rise in price of LPG on the world market was moderate, the significant fall in the value of the Cedi, may cause the domestic selling price to rise by not less than 4 percent at the local pump,” the IES noted in its October projection.

Ghanaians would be expected to pay more for fuel products come October ending. The predicted upward adjustment in fuel prices according to the Institute of Energy Security (IES) follows the decline of the cedi against the dollar. According to the Institute, the increase of price products on the international markets is also a contributory factor. The EIS in its review of the October 2022 second pricing-window, revealed that even though the rise in price of Liquified Petroleum Gas (LPG) on the international market may be low, Ghanaians may feel a significant shoot in price due to the constant decrease in the value of cedi. The national average price per litre of gasoline currently stands at Ghc11.05 up from Ghc10.90 in the last window, representing a 1.36% increase meanwhile the average price per litre fell to Ghc13.98 from Ghc14.45 representing a 3.25 percentage reduction. But in the IES’ analysis, it projected consumers of gasoline and gasoil may pay between 7 and 12 percent more for a litre at the pump in the next two weeks. This means gasoil per litre price hinging close to Ghc15. To that end, “the Institute for Energy Security (IES) projects an increase in price for all major products at the pump, due to the increases in price of the products on the international market, and the significant decline in the value of the local currency against the greenback. “Although the rise in price of LPG on the world market was moderate, the significant fall in the value of the Cedi, may cause the domestic selling price to rise by not less than 4 percent at the local pump,” the IES noted in its October projection.