Fuel prices to go up further in November – IES

Fuel prices are expected to go up at the pumps mid-November, the Institute for Energy Security (IES) has projected.

This is due to the significant depreciation of the Cedi against the American greenback, and the appreciable increase in Gasoil price on the international fuel market.

In IES’ estimation, Gasoil’s price per litre is set to break the Gh¢20.00 mark, with a gallon price possibly going for Ghc90.00 on the market. Gasoline price may also inch close to Gh¢18 per litre by mid-November 2022,” a statement issued by the IES said.

IES observed that 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”

Prices of various finished products on the local fuel market saw repeated changes in the just-ended pricing window.

“Every Oil Marketing Company (OMC) monitored by the Institute for Energy Security (IES) reviewed their prices upwards twice or more; prior to the end of the pricing window. The current figures at the pumps suggest the national average price per litre of Gasoline is Gh¢16.94, up from Gh¢11.05 in the last window, representing a significant increase of 53%. Gasoil’s national average price per litre jumped to Gh¢18.76 from Gh¢13.98, representing an increase of 34%.”

In the last pricing window, the IES MarketScan picked Petrosol, Engen, Sel, and Compass Oleum as OMCs with the highest-priced fuel on the market. Zen Petroleum, Benab Oil, Star Oil, and Goodness Oil were spotted as the OMCs with the least-priced fuel on the market at the end of the window.