News
Fuel Prices Set To Go Up From 5% to 9%
If no government action is taken, the cost of gasoline at the pump will increase by 5% to 9% starting on January 16, 2023.
That is to say, the cost of petroleum products will rise for the first time this month.
The Institute for Energy Security (IES) asserts that the increase in petroleum product prices on the global market and the depreciation of the cedi are the causes of the anticipated spike in fuel prices.
Thus, a liter of gasoline will cost around Gh 13.50, while a liter of diesel will cost Gh 15.00. LPG will also sell for $10.00 per kilogram.
“Following the 8.69% rise in the price of gasoline [petrol] and 2.19% in the price of LPG [liquefied Petroleum Gas], together with the 9.89% depreciation of the local currency against the US dollar, the Institute for Energy Security (IES) projects a rise in price for products at the various pumps,” the statement released by the Institute for Energy Security (IES) read.
The huge depreciation of the cedi will offset the small drop in the price of gasoline on the global market of 0.68%, increasing the price of the product locally at different Oil Marketing Prices (OMCs) pumps.
A liter of gasoline (also known as “petrol”) would likely cost between Gh13.50 and Gh15.00 in the second half of January 2023, while a kilogram of LPG will cost between Gh11.00 and Gh11.00.
Due to a drop in prices on the global market and a slight appreciation of the Ghana Cedi, this was a sizable amount.
The price decreases over the pricing window put the national average price per liter of gasoline at $12.38, down from $12.68, which is a decrease of 2.37% for the time period.
The national average price of diesel decreased by about 7.72% throughout this time, from $15.55 to $14.35 per liter.
Conclusion
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