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Price of litre of fuel will cross Ghc20 soon – IES

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The Institute for Energy Security (IES) expects a litre of fuel to sell beyond Ghc20 in the coming days.

“The Institute for Energy Security (IES) recognizes 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 price per litre is set to break the Gh¢20.00 mark, with a gallon price possibly going for Ghc90.00 on the market. Gasoline price may also inch close to Gh¢18 per litre by mid-November 2022.

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,” portions of a statement copied to this website read. 

Part of the statement also read, “prices of various finished products on the local fuel market saw repeated changes in the just-ended pricing window. Every Oil Marketing Company (OMC) monitored by the Institute for Energy Security (IES) reviewed their prices upwards twice or more; prior to the end of the pricing window. The current figures at the pumps suggest the national average price per litre of Gasoline is Gh¢16.94, up from Gh¢11.05 in the last window, representing a significant increase of 53%. Gasoil’s national average price per litre jumped to Gh¢18.76 from Gh¢13.98, representing an increase of 34%.”

“In the pricing window under review, the IES MarketScan picked Petrosol, Engen, Sel, and Compass Oleum as OMCs with the highest-priced fuel on the market. Zen Petroleum, Benab Oil, Star Oil, and Goodness Oil were spotted as the OMCs with the least-priced fuel on the market at the end of the window.”

Fritz Moses, a Research Analyst with IES who spoke to Mark Smith on A1 Radio explained that Ghanaians would just have to prepare to pay more for fuel. 

Source: A1radioonline.com|101.1MHz|Mark Kwasi Ahumah Smith|Ghana

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