IES predicts fuel price increase in November

The Institute for Energy Security (IES) has predicted a mid-November increase in fuel prices at the pump.

This is a result of the Cedi’s substantial depreciation against the US dollar and the noticeably rising price of gasoline on the global 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,” according to a statement from the IES.

The 1.43% drop in LPG prices on the global market, according to IES, may not be reflected in lower prices at domestic gas stations since it “may counterbalance the depreciation of the Cedi and instead force the price of the commodity to climb further in the following days.”

Throughout the just closed pricing window, there were numerous modifications to the prices of various finished products on the local gasoline market.

“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%.”

The OMCs with the most expensive gasoline on the market in the most recent pricing window, according to the IES MarketScan, were Petrosol, Engen, Sel, and Compass Oleum.

At the end of the window, it was discovered that Zen Petroleum, Benab Oil, Star Oil, and Goodness Oil were the OMCs selling fuel for the lowest prices.

Source: Ghanatodayonline.com