JUST IN: Fuel Prices To Increase Between 7% And 12%
The October pricing window will cause fuel prices to increase by 7–12%, the IES has said. This will affect both gasoline and gasoil.
The Institute for Energy Security says that the rise is because both the price of oil products on the international market and the value of the Cedi have gone up.
In its review of the Second Pricing-Window for October 2022, the IES said that even though the rise in LPG prices on the international market may be small, Ghanaians may feel a big jump in prices because the Cedi keeps losing value.
“The Institute for Energy Security (IES) predicts that the prices of all major products will go up at the pump. This is because the prices of these products have gone up on the international market, and the local currency has lost a lot of value against the U.S. dollar.
“The drastic rise in the price of gasoline and gasoil on the world market could cause the price of gasoline and gasoil in the U.S. to go up, even though the price of LPG is going up. According to the IES, the price of a liter of gasoline or gasoil at the pump could go up by 7 to 12 percent in the next two weeks, with the price of a liter of gasoil coming close to Gh15. This information was released by the IES on October 14, 2022.
It also says, “Even though the price of LPG went up only a little bit on the world market, the significant drop in the value of the Cedi may cause the price at the local pump to go up by at least 4%.”
“It should also be noted that competition for market share will cause different OMCs to raise prices at different rates,” it said in the end.