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, over the next two weeks.
This implies that petrol will cost around ¢15 per litre, while diesel will cost more than ¢17 per litre.
According to the IES, the increase in local fuel costs is related to the cedi’s significant depreciation over the last two weeks, as well as rising international fuel prices as shown on the worldwide S&P Platts platform.
According to the energy think tank, the hike in fuel costs would occur despite the government receiving around 41,000 metric tons of diesel under its “Gold for Oil” program.
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“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.
World oil market
Brent, the worldwide crude oil benchmark, jumped to around $86.14 per barrel on average, up from $81.72 per barrel earlier.
Over the previous two weeks, the average price increased by 5.41%.
Brent crude oil price finished lower on Friday January 26, 2023, after an early steady climb upwards to $88.16 per barrel at closure January 23, putting the commodity’s weekly finish flat to lower.
Brent completed Friday’s trade at $86.66 per barrel, up from the year’s low of $72.50 the day before.
Local fuel market pricing
The second pricing window for January 2023 witnessed price hikes for domestic petroleum products.
Petrol and fuel prices climbed by 9% and 6.67%, respectively.
Petrol per litre rose from $12.54 to ¢13.58 and diesel from ¢14.40 to ¢15.36.
LPG’s national average price was similarly set at ¢12.69 per kilogramme.
SOURCE: myjoyonline
