IES predict significant price increase of petrol, diesel and LPG
The Institute for Energy Security (IES) is projecting a significant increment in the price of petrol, diesel and LPG in the second-pricing window of May 2022.
According to the IES, the upward revision of petrol, diesel and LPG prices are on the back of rising international fuel prices, and the growing pockets of fuel shortages across the country.
“For the rest of May 2022, the 7.64% rise in Gasoline (petrol) price, 1.90% rise in Gasoil (diesel) price, and the 6.05% rise in the price of LPG on the international market will push local market prices higher”, the IES stated.
In the first pricing-window of May 2022, the price of fuel saw increases on the local market, in response to the rise in prices on the international market.
Most Oil Marketing Companies (OMCs) increased the price of diesel by at least 5% to reach GHS 11 plus per litre at their pumps. This is an increase of 7.34% increase over the previous price of GHS 10.36 per litre.
Price for petrol however remained at GHS 9.41 per litre.
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Meanwhile, international Benchmark Brent price stayed beyond the $100 per barrel mark in this window. The lowest prices were recorded on May 10, 2022 at $102.46 per barrel.
The price averaged $107.63 per barrel, representing a 0.77% increase over the previous window’s average price of $106.81 per barrel.
