Fuel prices to record marginal drop in September – IES projection

Consumers of petroleum products are expected to witness a slight drop in pricing in the coming days.

This is according to a projection by the Institute of Energy Security (IES).

The Institute attributed the marginal reduction in prices falling on the international oil market for gasoline and gasoil by 10.96 percent and 0.54 percent respectively.

The IES however said that the 3.58 percent depreciation of the Cedi against the US dollar is likely to thwart any expected fall in the price of petrol and diesel at the local pumps.

“Even though the prices of Gasoil and LPG also dipped on the international market, the 3.58% depreciation of the Cedi may likely thwart any expected fall in the price of the two products at the local pumps.

Consumers may rather be forced to buy Gasoil and LPG at a higher value over the current prices for the rest of September 2022, on account of the Cedi fall against the greenback,” the IES said in a statement.

Meanwhile, the prices of petroleum products have been soaring since the start of 2022, with Petrol currently selling at GH¢11.55 per litre while Diesel is selling at GH¢14.50 per litre across various pumps in the country.

The local currency also continues to depreciate against major trading currencies, particularly the US Dollar. The cedi is currently trading above GH¢10 to US$1.

Some transport operators on Thursday, September 15 announced a 30 percent increment in fares which is expected to take effect from September 21.