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Anticipate increment in fuel price in February – IES

Anticipate Increment In Fuel Price In February - Ies
Anticipate Increment In Fuel Price In February – Ies

Fuel prices are anticipated to rise by 25 pesewas per liter on February 1 if the suspended Price Stabilisation and Recovery Levies (PSRL) are reinstated, according to the Institute of Energy Security (IES).

This is due to an 8.52 percent increase in the price of Brent crude and a slight devaluation of the cedi relative to the US dollar over the last two weeks.

“Over the next two weeks, the Institute for Energy Security (IES) foresees the prices of Liquefied Petroleum Gas (LPG), diesel, and petrol recording yet another jump at the pump, despite a suspension of the Price Stabilisation and Recovery Levy (PSRL)”.

“The pending increases come on the back of an 8.52% increase in the price of Brent crude, a 5.5% rise in LPG price, a 6.23% increase in the price of gasoline, and 9.86% jump in gasoline price; all on the international oil and fuel markets.

“Further depreciation of the Ghana cedi against the US dollar on the foreign exchange (forex) market adds on to the factors that will push up the prices of the commodities on the local market”, it explained

Furthermore, it said, “the impending price increases could see all the major Oil Marketing Companies crossing the ¢7 per litre mark for gasoil and gasoline, moving the price increases for both products over the past six months beyond the 16 percentage mark recorded at the end of January 2022”

Total, Puma sell highest fuel price

During the most recent pricing window, various OMCs, including Puma Energy, Ready, Total, and EV, was seen selling diesel at prices higher than $7.00 per litre for the first time.

The OMCs with the lowest-priced fuel on the local market were Benab Oil, Dukes Oil, Star Oil, Reliance, Goodness Oil, and Westport.

Petrol and diesel prices have risen by about 3% in the last two weeks, rising from 6.70 per litre on average at most pumps to 6.94 per litre.

The current national average price for gasoline is $6.90 per litre, while diesel is $6.98.

Meanwhile, crude oil was trading at more than $90 a barrel this morning, a condition that could lead to an increase in transportation fares in the near future.

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