Fuel prices to increase in Ghana tomorrow  – Says Institute of Energy Security

 

The Institute of Energy Security (IES) has revealed that the prices of fuel in Ghana will increase by 25 pesewas on Tuesday, February 1, 2022.

According to IES, the increment will happen if the suspended Price Stabilisation and Recovery Levies (PSRL) is reintroduced.

The Institute pointed that the move is as a result of an 8.52% increase in the price of Brent crude as well as a marginal depreciation of the cedi to the US dollar during the last two weeks.

IES indicated that “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, in spite of a suspension of the Price Stabilisation and Recovery Levy (PSRL)”.

It further added that “The pending increases comes 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.”

According to the Institute, “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 Institute pointed out that  “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″.

A number of Oil Marketing Companies (OMCs)  namely Puma Energy, Ready, Total, EV were selling diesel above ¢7.00 per litre during the last pricing window.

 

The post Fuel prices to increase in Ghana tomorrow  – Says Institute of Energy Security appeared first on African Entertainment.

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