Two energy think tanks in the Republic of Ghana have predicted an increment in fuel prices on the local market in the second pricing window beginning from today, Wednesday, February 16, 2022.
A statement issued by the Chamber of Petroleum Consumers (COPEC) and the Institute for Energy Security (IES) agreed that consumers would be paying more for fuel for the rest of the month.
COPEC, in its analysis, said it anticipates about 36 pesewas increment in petrol and 40 pesewas increment in diesel.
IES, on the other hand, was silent on the expected increment in both petrol and diesel.
According to COPEC, “From 16th February 2022, at FOB price of $880.79 for petrol, our projected ex-pump price is GHS7.764. So, it’s expected that the max ex-pump price shall be hovering around GHS7.750.”
“From 16th February 2022, at FOB price of $828.58 for diesel, our projected ex-pump price is GHS7.981. So, it’s expected that the max ex-pump price shall be hovering around GHS7.950,” COPEC added.
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On its part, IES said: “For the rest of February 2022, the Institute for Energy Security (IES) anticipates another jump in the prices of Liquefied Petroleum Gas (LPG), diesel and petrol at the pump to bite consumers, coming on the back of a 4.47 per cent increase in the price of Brent crude, a 4.63 per cent rise in LPG price, a 7.17 per cent increase in the price of gasoline, and a 7.43 per cent jump in gasoil price; all on the international oil and fuel markets. Further depreciation of the Ghana cedi against the US dollar adds to the factors expected to push up the prices of liquid and gaseous fuels in the country.
“Data captured by the IES Economic Desk from the Foreign Exchange (Forex) market shows that the Ghanaian cedi depreciated against the U.S. dollar by 1.74 per cent on average terms in the first pricing-window of February 2022 to trade at Gh¢6.40 from the previous window’s rate of Gh¢6.29 to the international currency.”
Currently, both petrol and diesel are sold at between Gh¢7.20 and Gh¢7.58 per litre.
Crude oil prices have been soaring since the beginning of the year.
On Monday, International Benchmark-Brent hit $95.42 per barrel while West Texas Intermediate (WTI) traded at $94.33