Fuel prices to go up from Feb. 1 – IES

Fuel prices are expected to go up by 25 pesewas per litre from February 1, if the suspended Price Stabilisation and Recovery Levies (PSRL) is reintroduced, the Institute of Energy Security (IES) has disclosed.

This is a result of an 8.52% increase in the price of Brent crude and a marginal depreciation of the cedi to the US dollar during the last two weeks.

“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 price of gasoline, and 9.86% jump in gasoil 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”, it explained.

Furthermore, it said, “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″.

During the last pricing window, some OMCs, including Puma Energy, Ready, Total, EV, were spotted selling diesel above ¢7.00 per litre for the first time.

Benab Oil, Dukes Oil, Star Oil, Reliance, Goodness Oil and Westport were the OMCs with the least-priced fuel on the local market.

Over the last two weeks, petrol and diesel prices rose by roughly 3%, from ¢6.70 a litre on average terms at most pumps to reach ¢6.94 per litre.

The current national average price for petrol is pegged at ¢6.90 per litre, while diesel stands at ¢6.98.

Meanwhile, crude oil traded at over $90 per barrel this morning, a situation that could trigger an increase in transport fares soon.

Source: MyJoyonline.com

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