Fuel prices to rise again – IES

Fuel may see a significant increase in price from rising international prices and domestic shortages in the second pricing window of May, according to the Institute for Energy Security (IES).

“For the rest of May 2022, the 7.64% rise in Gasoline price, 1.90% rise in Gasoil price, and the 6.05% rise in the price of LPG on the international market will push local market prices higher,” IES said in a release on Sunday, May 15, 2022.

Although the Cedi appreciated by 0.28% against the dollar, prices of Gasoline, Gasoil and LPG may still see an upward adjustment, IES has predicted, barring any intervention from the government.

Meanwhile, in the first pricing-window of May 2022, the price of fuels saw increases on the local market, in response to the rise in prices on the international market.

Most Oil Marketing Companies (OMCs) increased the price of Gasoil by at least 5% to reach Gh¢11 plus per litre at their pumps.

The current national average price for Gasoline remains at Gh¢9.41 per litre, while Gasoil is pegged at Gh¢11.12 per litre. This is an increase of 7.34% increase from the previous Gasoil average price of Gh¢10.36 per litre.