Prime News Ghana

Fuel prices to go up by 10%

By Vincent Ashitey
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The prices of petroleum products are projected to rise by 10 per cent at the pumps from Sunday, October 16, 2022, according to the Institute for Energy Security (IES).

This is due to increases in the price of crude oil on the international market and the significant decline in the value of the local currency, the Ghana cedi, against the US dollar.

“The sharp rise in gasoline [petrol] and gasoil [diesel] prices on the global market may drive the price of domestic gasoline and gasoil rise higher, as against the rise in LPG [Liquefied Petroleum Gas] price”.

“In IES’ estimation, consumers of gasoline and gasoil may pay between 7% and 12% more for a litre at the pump in the next two weeks, with gasoil per litre price hinging close to ¢15”, a statement noted.

It said “although the rise in the 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 per cent at the local pump”.

There will be slight differences in the pricing of fuel by the various OMS at the pumps due to their market shares.

In the last pricing window, the national average price per litre of petrol stood at ¢11.05, up from ¢10.90 in the last window, representing a 1.36% increase.

The average price of diesel per litre fell to ¢13.98, from ¢14.45, representing a 3.25 per cent reduction.

 

The IES MarketScan picked Sel, GOIL, Total, and Shell/Vivo as OMCs with the highest-priced fuel on the downstream petroleum market.