Fuel prices continue to rise, with some stations charging as much as GH¢13.20 per litre in the second week of May 2022. As a result, other oil marketing companies are anticipated to raise their pricing.
In our report according to the Institute for Energy Security, due to rising international costs and domestic shortages, the second pricing window in May could see a significant increase in fuel prices (IES).
“On the international market, the 7.64 percent increase in gasoline price, 1.90 percent increase in gasoil price, and 6.05 percent increase in LPG pricing would push local market prices higher for the remainder of May 2022,” IES said in a statement on Sunday, May 15, 2022.
IES anticipates that despite the Cedi’s 0.28 percent gain against the dollar, prices of gasoline, gasoil, and LPG will climb unless the government intervenes.
Meanwhile, during the first pricing window in May 2022, local fuel prices rose in accordance to international market increases.
At their pumps, most Oil Marketing Companies (OMCs) increased the price of Gasoil by at least 5%, bringing it to Gh13+ a litre.