Prices for petrol and diesel set to further rise by mid-November: IES

Prices for petrol and diesel set to further rise by mid-November: IES

The Institute for Energy Security has predicted that petrol and diesel prices will rise to ¢18 and ¢20 per litre by mid November 2022.

It also expects the price of Liquefied Petroleum Gas to rise further, despite a 1.43% drop in the commodity on the global market.

Fuel prices increased twice in October 2022, with some Oil Marketing Companies (OMCs) selling petrol at ¢16.94 and diesel at ¢18.76.

“The Institute for Energy Security (IES) recognises the recent price increases by all OMCs monitored, and predicts that prices will see a further rise for all OMCs by end of the new pricing window on account of the significant depreciation of the cedi against the US dollar and, to some extent, the appreciable increase in gasoil price on the international fuel market.

“In IES’ estimation, gasoil’s [diesel] price per litre is set to break the ¢20.00 mark, with a gallon price possibly going for ¢90.00 on the market. Gasoline [petrol] price may also inch close to GH¢18 per litre by mid-November 2022”, it stressed.

Again, it said “unfortunately, the 1.43% fall in the price of LPG on the world market may not translate into a reduction at the domestic pump, as it may offset cedi’s depreciation, and rather force the price of the commodity to rise further in the coming days.”

Source: Energy Ghana






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