Fuel prices are expected to rise by 5% and 9% starting on January 16 according to IES

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In the second pricing window of the year beginning on January 16, 2023, prices for fuel products are projected to rise by 5 to 9 percent, barring any last-minute government intervention.

Fuel prices are expected to rise by 5% and 9% starting on January 16 according to IES
Fuel prices are expected to rise by 5% and 9% starting on January 16 according to IES

 

The Institute of Energy Security (IES), which made the projection, said that the recent depreciation of the cedi against the major trading currencies and the skyrocketing prices on the international oil market are to blame for the projected increase in the price of petroleum goods.

“The Institute for Energy Security (IES) projects a rise in price for products at the various pumps following the 8.69% increase in the price of gasoline [petrol] and the 2.19% increase in the price of LPG [Liquefied Petroleum Gas], as well as the 9.89% depreciation of the local currency against the US dollar.

As a result, the IES predicted that gasoline would sell for GH13.50 per litre and diesel would cost GH15.00 per litre.

However, the IES also stated that the LPG will retail for about GH10.00.

The huge depreciation of the cedi will offset the small drop in the price of gasoil on the global market of 0.68%, increasing the price of the product locally at different Oil Marketing Prices (OMCs) pumps.

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