The Institute of Energy Security(IES) has disclosed that fuel prices are expected to shoot up by 25 pesewas from tomorrow.
They noted reasons for an increase in the price of Brent crude in conjunction with the cedi depreciation.
“Over the next two weeks, the Institute for Energy Security (IES) foresees the prices of Liquefied Petroleum Gas (LPG), diesel, and petrol recording yet another jump at the pump, despite a suspension of the Price Stabilisation and Recovery Levy (PSRL)”.
“The pending increases come on the back of an 8.52% increase in the price of Brent crude, a 5.5% rise in LPG price, a 6.23% increase in the price of gasoline, and 9.86% jump in gasoline price; all on the international oil and fuel markets”
“Further depreciation of the Ghana cedi against the US dollar on the foreign exchange (forex) market adds on to the factors that will push up the prices of the commodities on the local market”
“The impending price increases could see all the major Oil Marketing Companies crossing the ¢7 per litre mark for gasoil and gasoline, moving the price increases for both products over the past six months beyond the 16 percentage mark recorded at the end of January 2022″.