Beginning September 2022, fuel prices are set to see a sharp jump between five per cent and 10 per cent at the various pumps.
According to the Institute for Energy Security, this would add close to 70 pesewas to the current prices.
Presently a litre of petrol is going for about GH ¢11 on the average and GH¢13.70 on the average for diesel.
The IES according to myjoyonline.com attributed the increase in fuel prices to the sharp depreciation of the Ghana cedi to the US dollar which it puts it at over 10 per cent during the last two weeks.
It therefore, advised consumers to plan accordingly to the expected price hikes in the coming days.
“Whereas the price of petrol has fallen by 5.87 per cent and that of Liquefied Petroleum Gas (LPG) by 3.28 per cent on the world market, the Institute of Energy Security (IES) projects that prices of these products would rise at the pumps. For diesel, the 6.48 per cent increase in price will further increase the rate of price jump in September (2022)”, it pointed out.
During the last pricing window ending August 31, 2022, prices of fuelrose marginally.
Oil Marketing Companies (OMCs) monitored within the pricing window by IES added on average 20 pesewas on their prices at their pumps.
During the period, the International Benchmark saw a 1.68 per cent price reduction over the previous pricing window’s average price to a current average price of $96.72 per barrel from $98.38 per barrel in the previous pricing window.
Presently, the price of Brent crude is hovering around $109 per barrel