The Institute for Energy Security (IES) has predicted an increase in the price of petrol, diesel and Liquefied Petroleum Gas (LPG) between 7% and 13% starting February 1, 2023, for the next two weeks.
Consequently, petrol will cost around ¢15 per liter, while diesel will cost more than ¢17 per liter.
The sharp depreciation of the cedi over the past two weeks and the rising international fuel prices as seen on the global S&P Platts platform, according to the IES, are to blame for the increase in domestic fuel prices.
According to the energy experts, despite the government receiving about 41,000 metric tons of diesel through its “Gold for Oil” program, the price of fuel would rise.
“On the basis of the rising international fuel prices as observed on the global S&P Platts platform, linked with the local currency’s value decline against the greenback, the Institute for Energy Security (IES) estimates a 7% to 13% 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 tonne of Gasoil under its “Gold for Oil” programme, and that consumers must be prepared to buy for instance, a litre of Gasoline [petrol] for roughly ¢15 in the coming days,” it stated in a statement on an Accra FM Station.
International Oil Market
The international crude oil benchmark Brent increased to around $86.14 per barrel on average, up from $81.72 per barrel previously.
Over the last two weeks, the average price increased by 5.41%.
Brent crude oil price settled lower on Friday January 26, 2023, after an initial steady grind upwards to $88.16 per barrel at close January 23, making the commodity’s weekly finish flat to lower.
Brent closed Friday’s trading at $86.66 after closing the day before at $87.28 per barrel, up from the year”s low of $72.50.
Local Oil Market
On the domestic market, petroleum products saw price increases during the second pricing window for January 2023.
Prices increased by some 9% and 6.67% for petrol and diesel respectively.
Petrol per litre increased to ¢13.58, from ¢12.54, and diesel from ¢14.40 to ¢15.36.
The national average price of LPG was also pegged at ¢12.69 per kilogramme.
