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Fuel prices hit nearly ¢16 per litre

Fuel prices hit nearly ¢16 per litre

On Monday, October 17, fuel prices in some filling stations, including Total Energies, rose to nearly GH16 per litre.

Total Energies sells diesel for GH15.99 per litre and petrol for GH13.10 per litre.

Previously, the Institute of Energy Security (IES) predicted that fuel prices would rise as the Cedi fell against the US dollar.

The analysis of the foreign exchange (Forex) market by the energy think tank over the last two weeks revealed a further depreciation of the Cedi against the US Dollar.

The Ghana Cedi fell by 2.5% against the US dollar, from 10.53 to Gh10.89 at the time of writing.

To that end, “the Institute for Energy Security (IES) forecasts an increase in the price of all major products at the pump, as a result of product price increases on the international market and a significant decline in the value of the local currency against the greenback.”

Also read: Analysts anticipate fuel price increases in the near future

“The sharp rise in global gasoline and oil prices may cause domestic gasoline and oil prices to rise in tandem with the rise in LPG prices.” According to IES, consumers of gasoline and gasoline may pay 7 to 12 percent more for a litre at the pump in the next two weeks, with the price of gasoline per litre hovering around Gh15. Although the price of LPG rose moderately on the global market, the significant fall in the value of the Cedi may cause the domestic selling price to rise by no less than 4% at the local pump.

“It should also be noted that competition for market share will account for differences in the rate of increase at the pump across different OMCs.”

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