Fuel prices to hit GHs7.00 – IES predicts

The oil price spike

Fuel prices in Ghana are likely to see an increase at the pumps between Ghp30 to Gh40 per litre, the Institute of Energy Security (IES) has predicted.

The increase is coming on the back of the 7.42% increase in the price of Brent crude, the 9.46% increase in price of Gasoline, the 8.52% increase in Gasoil price and the 0.3% depreciation of the local currency against the US Dollar.

The imminent prices increases may force some Oil Marketing Companies (OMCs) across the country to sell Gasoline and Gasoil at GHs7.00 per litre at the pumps for the first time, the IES warned in its projection for the January 2022 second pricing window.

Prices of fuel at local pumps across the country had already saw increment within the window under assessment. Petroleum products prices per litre rose from circa Gh¢6.50 on average at most pumps to reach Gh¢6.70 within the window under review.

That increment was occasioned by the rise in prices on the international market despite government’s extension of the suspension of the Price Stabilization and Recovery Levy (PSRL) on the petroleum price build-up (PBU).

Majority of the Oil Marketing Companies (OMCs) increased their prices at the pump by 2-3%. The current national average price for both products is pegged at Gh¢6.70 per litre, representing 3% increase over the previous window’s.

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