Fuel prices to shoot up by 15% for the rest of June - IES

There will be a sharp rise in prices of petrol and diesel for the rest of June 2022, the Institute for Energy Security (IES) has projected.

The IES said petrol price will increase by about 10 percent to sell above GH¢11 per litre and diesel by about 15 per cent to sell above GH¢14 per litre.

The price of Liquified Petroleum Gas (LPG) is however projected to fall further by 5 percent from its current price, the Institute added.

Fritz Moses, Research Analyst at IES, told the Ghana News Agency that the increment will take effect at the various pumps by Monday, June 20, 2022.

He attributed the expected increment to the continuous depreciation of the cedi against the US Dollar and the rise in the international market prices for petrol and diesel.

He said the cedi depreciated by 0.86 percent in the just-ended pricing window (June 1 to 15, 2022) while the international market price for petrol and diesel shot up by 14.81 per cent and 17.67 percent, respectively.

Prices of fuel on the local market increased more than 4 percent on average terms in the just-ended pricing-window. The price of petrol and diesel increased by 5 percent and 3 percent respectively.

The IES said all the Oil Marketing Companies (OMCs) it monitored in the window under review increased their prices at the pump.

“Per the IES Marketscan, the current national average price is pegged at GH¢10.00 per litre and GH¢12.15 per litre for Gasoline and Gasoil respectively.

“This is an increase of 2.5 percent on the previous average per litre price of GH¢9.75 for Gasoline and a 3.75 percent increase over the previous Gasoil average price of GH¢11.71 per litre,” it said.