Fuel costs for gasoline, diesel, and liquefied petroleum gas (LPG) are expected to increase by 7% to 13%, according to Institute for Energy Security.
Therefore, gasoline will cost around ¢15 per liter, while diesel would cost more than ¢17 per liter.
The steep devaluation of the cedi over the past two weeks and the rising international fuel costs as shown on the worldwide S&P Platts platform, according to the IES, are to blame for the increase in domestic fuel prices.
The energy think group observed that despite the government receiving about 41,000 metric tons of diesel under its “Gold for Oil” program, fuel costs will rise.
“On the basis of the rising international fuel prices as observed on the global S&P platform, linked with the local currency’s value decline against the greenback, the Institute for Energy Security (IES) estimates a 7 percent to 13 percent jump in the prices of Gasoline [petrol], Gasoil [diesel], and LPG over the next two weeks ending February 14, 2023”.
“The rise in domestic fuel prices would be occasioned in spite of government’s receipt of approximately 41,000 metric tonnes of Gasoil under its “Gold for Oil” program, and that consumers must be prepared to buy for instance, a liter of Gasoline [petrol] for roughly ¢15 in the coming days”, it stated in a statement on an Accra radio station according to a Graphic Business report.
On the global market, the benchmark price of Brent crude oil jumped from its previous average of $81.72 per barrel to approximately $86.14 per barrel.
This indicated an increase in average price over the previous two weeks of 5.41%.
