Prime News Ghana

Fuel prices to go up by 7-13%

By Vincent Ashitey
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The Institute of Energy Security (IES) has predicted that the price of fuel at the pumps may rise between 7% and 13%, effective February 1, 2023.

Should that happen, petrol will sell for ¢15 per litre and diesel ¢17 per litre.

The expected rise is due to the fall in the value of the cedi against the dollar and other currencies of international trade.

Also, there have been rises in the price of crude on the international market, as observed on the global S&P Platts platform.

“On the basis of the rising international fuel prices as observed on the global S&P Platts platform, linked with the local currency’s value decline against the greenback, the Institute for Energy Security (IES) estimates a 7% to 13% jump in the prices of Gasoline [petrol], Gasoil [diesel], and LPG over the next two weeks ending February 14, 2023”.

“The rise in domestic fuel prices would be occasioned in spite of the government’s receipt of approximately 41,000 metric tonnes of Gasoil under its “Gold for Oil” programme, and that consumers must be prepared to buy for instance, a litre of Gasoline [petrol] for roughly ¢15 in the coming days”, it stated.

Meanwhile, the government has taken delivery and begun to sell petroleum products under its ‘Gold for Oil’ policy.