IES: Petrol, diesel prices to soon hit GHS 18 and GHS 20 per litre
Prices of petrol and diesel are projected to inch up by the middle of November 2022.
According to the Institute for Energy Security [IES], petrol and diesel prices are expected to increase to GHS 18 and GHS 20 per litre
The IEES is also projecting a further increase in the price of Liquefied Petroleum Gas despite a 1.43% fall in the commodity on the world market.
“The Institute for Energy Security (IES) recognises the recent price increases by all OMCs monitored, and predicts that prices will see a further rise for all OMCs by end of the new pricing window on account of the significant depreciation of the cedi against the US dollar, and to some extent, the appreciable increase in gasoil price on the international fuel market”.
“In IES’ estimation, gasoil’s [diesel] price per litre is set to break the ¢20.00 mark, with a gallon price possibly going for c90.00 on the market. gasoline [petrol] price may also inch close to Gh¢18 per litre by mid-November 2022”, it quipped.
“Unfortunately, the 1.43% fall in the price of LPG on the world market may not translate into a reduction at the domestic pump, as it may offset cedi’s depreciation, and rather force the price of the commodity to rise further in the coming days”, it added.
Per the IES, current figures at the pumps suggest that the national average price per litre of petrol is GHS 16.94, up from GHS 11.05 in the last window, representing a significant increase of 53%.
The national average price per litre of diesel also jumped to GHS 18.76, from GHS 13.98. This represented an increase of 34%.
In the pricing window under review, the IES market scan picked Petrosol, Engen, Sel, and Compass Oleum as OMCs with the highest-priced fuel on the market.
Gov’t working to secure affordable sources of petroleum products
Meanwhile, government, according to President Akufo-Addo, is seeking to secure reliable and regular sources of affordable petroleum products for the Ghanaian downstream market.
The move by government, President Akufo-Addo noted, is to help mitigate the rising cost of fuel prices at the pumps.
According to the President, the new arrangement when successful, will halt the escalation of fuel prices and bring relief to Ghanaians.
“I know that the increasing cost of living is the number one concern for all of us. It is driven by fast escalating fuel prices at the pumps, which is caused by high crude oil prices on the world market and our depreciated currency. I know that this is putting intolerable pressure on families and businesses.
“I know that people are being driven to make choices they should not have to make, and I know that it has led to the devaluation of capital of traders and painfully accumulated savings.
“Further, Government is working to secure reliable and regular sources of affordable petroleum products for the Ghanaian market. It is expected that this arrangement, when successful, coupled with a stable currency will halt the escalation of fuel prices and bring relief to us all,” the President noted in a televised address on Sunday, October 30.
