IES project 5-10% hike in fuel price from September 1
A projection by the Institute for Energy Security, indicates that fuel prices are to increase by a margin of 5% – 10% at the start of next month – September 2022.
According to the IES, the projected increase will add some 70 pesewas to the prevailing fuel prices.
Presently a liter of petrol is going for about GHS 11 on the average and GHS 13.70 on the average for diesel.
The IES attributes the increase in fuel prices to the sharp depreciation of the cedi to the US dollar which it puts it at over 10% during the last two weeks.
The Institute has therefore advised consumers to plan accordingly to the expected price hikes in the coming days.
“Whereas the price of petrol has fallen by 5.87% and that of Liquefied Petroleum Gas (LPG) by 3.28% on the world market, the Institute of Energy Security (IES) projects that prices of these products would rise at the pumps. For diesel, the 6.48% increase in price will further increase the rate of price jump in September (2022)”, it pointed out.
During the last pricing window ending August 31, 2022, prices of fuel rose marginally.
Oil Marketing Companies (OMCs) monitored within the pricing window by IES added on average 20 pesewas on their prices at their pumps.
During the period, the International Benchmark saw a 1.68% price reduction over the previous pricing window’s average price to a current average price of $96.72 per barrel from $98.38 per barrel in the previous pricing window.
Presently, the price of Brent crude is hovering around $109 per barrel
