The Institute for Energy Security (IES) predicts a 7% to 13% increase in petrol, diesel, and Liquefied Petroleum Gas (LPG) prices starting February 1, 2023, for the next two weeks.
Accordingly, petrol will cost around $15 per litre, while diesel would cost more than $17 per litre.
The steep devaluation of the cedi over the past two weeks and the rising international fuel costs as shown on the worldwide S&P Platts platform, according to the IES, are to blame for the increase in domestic fuel prices.
The energy think group noted that despite the government receiving over 41,000 metric tonnes of diesel under its “Gold for Oil” programme, the price of fuel will rise.
“On the basis of the rising international fuel prices as observed on the global S&P Platts platform, linked with the local currency’s value decline against the greenback, the Institute for Energy Security (IES) estimates a 7% to 13% jump in the prices of Gasoline [petrol], Gasoil [diesel], and LPG over the next two weeks ending February 14, 2023”.
“The rise in domestic fuel prices would be occasioned in spite of government’s receipt of approximately 41,000 metric tonne of Gasoil under its “Gold for Oil” programme, and that consumers must be prepared to buy for instance, a litre of Gasoline [petrol] for roughly ¢15 in the coming days”, it stated.
