Fuel prices to increase marginally from October 1 – IES

• Fuel prices are expected to increase marginally from October 1 2021

• The increase is attributed to increasing prices of finished petroleum products on the international market

• Some OMCs have already started to adjust prices of petroleum products

The Institute of Energy Security (IES) has predicted a marginal increase in the price of petroleum products starting October 1, 2021.

The Institute said the price of diesel is expected to surge while petrol is likely to remain at its current price at various pumps in the country.

Despite the projection, some other petroleum products like the Liquefied Petroleum Gas are expected to increase across stations.

“For the first Pricing-Window of October 2021, the 4.57% increase in the price of the International Benchmark- Brent crude, the 2.07% increase in price of Gasoline, the 10.28% increase in Gasoil price, the 0.63% depreciation of the local currency against the US dollar; the Institute for Energy Security (IES) projects the price of gasoil to increase and price of gasoline to remain stable on the domestic market at the various pumps as we enter October,” an IES statement read in part.

Already, some Oil Marketing Companies (OMCs) have commenced adjusting their prices of petroleum products across various pumps in the country.

For example, at the Shell filling station, a litre of petrol and diesel are selling at GH¢6.52.

Market analyst say the increase is attributed to increasing prices of finished petroleum products on the international trading market.