Fuel prices at the local market in the Republic of Ghana are expected to witness a marginal increment of about 25 pesewas in the first pricing window in February 2022, energy think tank, Institute of Energy Security (IES) has projected.
The Institute pointed out that the projected increment in fuel prices is a result of an 8.52 per cent increase in the price of international benchmark Brent crude, as well as a marginal depreciation of the cedi to the US dollar during the last two weeks.
IES indicated that “Over the next two weeks, the Institute for Energy Security (IES) foresees the prices of Liquefied Petroleum Gas (LPG), diesel and petrol recording yet another jump at the pump, despite a suspension of the Price Stabilisation and Recovery Levy (PSRL).”
It further added that “The pending increases come on the back of an 8.52 per cent increase in the price of Brent crude, a 5.5 per cent rise in LPG price, a 6.23 per cent increase in the price of gasoline, and 9.86 per cent jump in gasoline price; all on the international oil and fuel markets.”
According to the Institute, “Further depreciation of the Ghana cedi against the US dollar on the foreign exchange (forex) market adds on to the factors that will push up the prices of the commodities on the local market.”
The Institute pointed out that “the impending price increases could see all the major Oil Marketing Companies crossing the GH¢7 per litre mark for gasoil and gasoline, moving the price increases for both products over the past six months beyond the 16 percentage mark recorded at the end of January 2022.”
Crude oil prices have been soaring since the beginning of 2022.
As of midday Monday, West Texas Intermediate (WTI) was trading at US$87.36 per barrel while Brent traded at US$91.12 per barrel
On the local market, leading Oil Marketing Company, GOIL, is selling both Super XP and Diesel XP at GH¢6.85 per litre while Total and Shell are selling at GH¢7.05 and GH¢6.99 per litre for super and diesel and GH¢6.95 respectively.
Source: https://energynewsafrica.com