Diesel prices have gone up astronomically to almost Ghc13 per litre in the Republic of Ghana, West Africa.
As of Monday, Star Oil and Allied Oil were selling a litre of diesel at Gh¢12.58 (US$1.57)and Gh¢12.50 (US$1.56) per litre respectively.
The leading OMCs-Goil and Total are selling a litre of diesel at Gh¢12.20 and Ghs12.40 respectively while Shell is selling at Ghs12.20 per litre.
Although the price of gasoil(diesel) has been oscillating on the global market, the depreciation of the Ghanaian cedi against the major currencies has been pushing the price of diesel higher.
On May 17, 2022, the price of diesel on the global market was hovering around US$1,066.25 per metric tons, according to data by eng.kurzy.cz. However, it nose-dived to US$1038.13 per metric tons, the following day and moved upward consistently to US$1,263.50 per metric tons on May 31, 2022.
As of Thursday, June 2, 2022, diesel price was pegged at US$1,299.50
Both Star and Allied have adjusted petrol prices upward to Gh¢10.19 pesewas per litre.
It would be recalled that the Institute for Energy Policy (IES) had predicted between a five and nine per cent rise in the price of petrol in the first pricing window in June.
“On the back of the cedi’s depreciation and the 11.05 per cent jump in the price of gasoline on the international fuel market, gasoline in Ghana is set to sell above Gh¢10.00 per litre, which translates into Gh¢45 per gallon,” it said in a statement.
The energy think tank, however, noted that prices of gasoil (diesel) and LPG would somehow witness some form of stability.
“The 5.49 and 4.13 percentage drops in the prices of fossil and LPG respectively on the international market may not necessarily lead to a reduction at the local retail outlets as most marketers will look to maintain their prices to offset the losses from the depreciation of the cedi,” IES noted.
Source: https://energynewsafrica.com