Fuel prices to increase from October 2 - IES

The Institute for Energy Security (IES) has predicted an upward adjustment in the prices of all petroleum products, for the next pricing window, beginning Monday, October 2, 2023.

According to the Institute, this is because of the increase in the international market price of petrol by 0.63%, diesel by 5.40%, and Liquefied Petroleum Gas (LPG) by 2.43%, as well as a 0.59% depreciation of the cedi against the U.S. dollar on the foreign exchange market during the last two weeks.

“The specific price increments expected for each petroleum product are as follows: Gasoline [petrol], approximately 1% per litre; Gasoil [diesel], approximately 3% per litre; and LPG, approximately 1.5% per kilogramme,” a release by the IES said.

The Institute also noted that amidst the global surge in the price of crude oil, leading to increased prices for refined products on the international fuels market, liquid fuels on the Ghanaian market remained relatively stable during the last pricing window.

Petrol prices remained unchanged among Oil Marketing Companies (OMCs) over the period.

Some OMCs, including Star Oil, Zen Petroleum, Benab Oil, and So Energy, increased the price of Gasoil by an average of about ¢0.40 per litre.

On the other hand, Liquefied Petroleum Gas (LPG) also experienced an increment in the price of about GH¢0.40 per kilogramme.

International crude prices slowed on September 28, after soaring to more than $97 per barrel on September 27, 2023.

SSD/DAG

Watch the latest edition of BizTech below:

Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.

Watch the latest edition of BizHeadlines below



Click here to start the nomination process for the 2023 GhanaWeb Excellence Awards