Fuel Prices May Increase From October 1st Due To Cedi Depreciation – IES

The Chief Executive Officer of the Institute of Energy Security, Nana Amoasi IV, has projected that fuel prices may experience some marginal increase in the coming days due to the rapid depreciation of the Ghana cedi.

According to him, the price of petrol and LPG may see some increase from October 1, while diesel is projected to remain the same.

He noted that despite the reduction of Crude oil on the international market to about 8.41%, Ghana can still not benefit from these reductions due to the cedi’s depreciation.

“The Cedi depreciation of 4.26% is enough to force prices of petrol and LPG to move upward in significant terms, irrespective of the marginal drop (1.59%) and the marginal increase (0.59%) in the price of petrol and LPG on the world fuel market,” he is quoted by myjoyonline.com.

“The Institute for Energy Security (IES) projects some stability in the current price of diesel in spite of the 8.41% fall in the price of the product on the international market, as a result of the 4.26% decline in the value of the local currency against the US dollar,” he said.

Petrol currently sells at GH¢10.90 whiles diesel sells at GH¢14.45 at various fuel pumps.