The Institute for Energy Security predicts that petrol and diesel prices will rise to 18 cedis and 20 cedis per liter by the middle of November 2022.
It also expects the price of Liquefied Petroleum Gas to rise further, despite a 1.43% drop in the commodity on the global market.
Fuel prices increased twice in October 2022, with some Oil Marketing Companies (OMCs) selling petrol at 16.94 and diesel at 18.76.
“The Institute for Energy Security (IES) recognizes the recent price increases by all OMCs monitored, and predicts that prices will see a further rise for all OMCs by end of the new pricing window on account of the significant depreciation of the cedi against the US dollar, and to some extent, the appreciable increase in gasoil price on the international fuel market”.
“In IES’ estimation, gasoil’s [diesel] price per liter is set to break the ¢20.00 mark, with a gallon price possibly going for c90.00 on the market. gasoline [petrol] price may also inch close to Gh¢18 per liter by mid-November 2022”, it stressed.
Again, it said, “unfortunately, the 1.43% fall in the price of LPG on the world market may not translate into a reduction at the domestic pump, as it may offset cedi’s depreciation, and rather force the price of the commodity to rise further in the coming days”.
Cedi falls significantly in value.
According to the IES Economic Desk’s analysis of the foreign exchange (forex) market over the last two weeks, the cedi continues to lose significant stability against the US dollar.
It stated that the cedi had depreciated by 32% from the previous rate of 10.89 to the current rate of 14.42 to the US dollar.
Fuel prices at the moment
According to the IES, the current national average price per liter of gasoline is 16.94, up from 11.05 in the previous window, representing a 53% increase.
The national average price per liter of diesel increased from 13.98 to 18.76. This represented a 34% increase.
The IES market scan identified Petrosol, Engen, Sel, and Compass Oleum as the OMCs with the highest-priced fuel in the pricing window under consideration.
