IES: Fuel Prices To Go Up Between 7% And 12% A Litre By Next Two Weeks

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The October pricing window will shoot fuel prices up with Gasoline and Gasoil consumers paying between 7 and 12 percent more, the IES has disclosed.

The Institute for Energy Security (IES) says the increase is due to the rise in price of oil products on the international market as well as the fall in the value of the Cedi.

In its review of the October 2022 Second Pricing-Window, the IES indicated even though the rise in prices of LPG on the international market may be low, Ghanaians may feel a significant shoot in price due to the constant depreciation of the Cedi.

“The Institute for Energy Security (IES) projects an increase in price for all major products at the pump, due to the increases in price of the products on the international market, and the significant decline in the value of the local currency against the greenback.

“The sharp rise in Gasoline and Gasoil prices on the global market may drive the price of domestic Gasoline and Gasoil rise higher, as against the rise in LPG price.

In IES’ estimation, consumers of Gasoline and Gasoil may pay between 7 and 12 percent more for a liter at the pump in the next two weeks, with Gasoil per liter price hinging close to Gh¢15,” the IES revealed in its October 14, 2022 release.

It further states that “although the rise in price of LPG on the world market was moderate, the significant fall in the value of the Cedi, may cause the domestic selling price to rise by not less than 4 percent at the local pump.”

“It must also be noted that competition for market share will account for variance in the rate of increases at the pump, across various OMCs,” it concluded.

Source: MyFrichy.com

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