Energy Analyst predicts 16% -10% increase in fuel prices

Energy Analyst, Mr. Benjamin Nsiah is forecasting a percent increase in fuel prices at the pumps for the second week of October 2022.

It appears the woes of fuel consumers are not yet over, as the price of the commodity is tipped to increase in the next pricing window in October 2022.

While petrol prices are projected to go up by 10% increase, the price of diesel may increase by 16% increase.

According to him, looking at the current ratings is likely petrol will be sold Ghc13 per litre whiles diesel will be sold at Ghc16 per litre.

Already, there are hints of another likely increment in transport fares.

Benjamin Nsiah

Speaking with Kwaku Owusu Adjei on Adwenekasa on Accra-based Original FM 91.9,”Benjamin Nsiah recommended that “Tema Oil Refinery must be retooled, recapitalised and equipped with efficient managers to make the entity start operations and be profitable. We also must diversify our imports within the short and medium term. This means we need to begin to explore other countries, refineries and traders that will give us cheaper products compared to what we are getting now from the European and Arab areas”.

The expected increase in fuel prices is primarily due to the fallen Dollar exchange rate and increase in prices of processed fuel ( Petrol, Diesel and LPG) on the international market with an increase in Crude price.

A number of OMCs, including Total, have increased the prices of fuel at the various pumps.

 

Source: Richard Obeng Bediako

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