Fuel Prices To Go Up By 7%-13% From February 1 – IES

Prices of petrol, diesel and Liquefied Petroleum Gas (LPG), will go up between 7% and 13% from February 1, 2023 according to the Institute for Energy Security (IES).

Per the IES’ prediction, petrol will sell at about ¢15 per litre, whilst diesel will go for over ¢17 per litre.

The domestic rise in fuel prices is attributed to the sharp depreciation of the Ghana cedi in the last couple of weeks, as well as the rising international fuel prices.

The energy think tank’s prediction of increase in fuel prices is on the back of the government’s receipt of approximately 41,000 metric tonne of diesel under its “Gold for Oil” programme.

“On the basis of the rising international fuel prices as observed on the global S&P Platts platform, linked with the local currency’s value decline against the greenback, the Institute for Energy Security (IES) estimates a 7% to 13% jump in the prices of Gasoline [petrol], Gasoil [diesel], and LPG over the next two weeks ending February 14, 2023”.

“The rise in domestic fuel prices would be occasioned in spite of government’s receipt of approximately 41,000 metric tonne of Gasoil under its “Gold for Oil” programme, and that consumers must be prepared to buy for instance, a litre of Gasoline [petrol] for roughly ¢15 in the coming days”, the IES noted in a statement.

World oil market

The international crude oil benchmark Brent increased to about $86.14 per barrel on average terms from a previous average rate of $81.72 per barrel.

This represented a 5.41% increase in average price over the last two weeks.

Following an initial steady grind upwards to $88.16 per barrel at close January 23,Brent crude oil price settled lower on Friday January 26, 2023, making the commodity’s weekly finish flat to lower.

Brent closed Friday’s trading at $86.66 after closing the day before at $87.28 per barrel, up from the year’s low of $72.50.