The domestic rise in fuel prices has led to a sharp depreciation of the Ghana cedi in the past two weeks and rising international fuel prices.
The energy think tank’s prediction of a rise in fuel prices has seen the government receive approximately 41,000 metric tonnes of diesel under its “Gold for Oil” programme.
“Based on rising international fuel prices seen on the global S&P Platts platform, associated with the depreciation of the local currency against the greenback, the Institute for Energy Security (IES) estimates a 7% to 13% jump in gasoline prices. [petrol]Gasoil [diesel]and LPG in the next two weeks ending February 14, 2023”.
“Despite the government’s receipt of approximately 41,000 metric tons of gasoline under the “Gold for Oil” program, domestic fuel prices may rise and consumers should be prepared to buy, for example, one liter of gasoline. [petrol] for approximately ¢15 in the coming days”, IES noted in a statement.
International crude benchmark Brent rose to around $86.14 per barrel on average terms from a previous average price of $81.72 per barrel.
This represents a 5.41% increase in average price over the past two weeks.
Following an initial steady grind to $88.16 per barrel near the January 23 close, Brent crude oil prices edged lower on Friday January 26, 2023, as the commodity ended its weekly close lower.
Brent closed Friday trading at $86.66, after closing at $87.28 per barrel the previous day, from a year low of $72.50.