The Institute for Energy Security (IES) says prices of petroleum products are expected to increase at various pumps across the country.
According to the IES the recent sharp devaluation of the cedi and an increase in international fuel prices are the reasons for the rise in domestic fuel prices.
Despite receiving 41,000 metric tons of diesel under the government’s “Gold for Oil” program, the energy think tank pointed out that fuel prices would 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.