Cedi depreciation pushes fuel prices up
NPA re-introduces Prices Stabilisation Recovery Levy
Oil Marketing Companies (OMCs) in the country are expected to increase their fuel prices starting February 16, 2022.
This comes after the Institute of Energy Security predicted that prices of petroleum products are expected to increase in the second pricing window of February this year.
In the first pricing window of February, consumers witnessed a significant increase in the prices of petroleum products with Oil Marketing Companies selling above GH¢7.00 across various pumps.
But with the second pricing window imminent, the IES has since informed consumers to expect to pay more for fuel at various pumps across the country.
The IES in an earlier statement attributed the increase to further depreciation of the cedi and increase in the prices of brent crude, LPG and gasoline.
“For the rest of February 2022, the Institute for Energy Security (IES) anticipates another jump in the prices of Liquefied Petroleum Gas (LPG), Diesel, and Petrol at the pump to bite consumers, coming on the back of a 4.47% increase in the price of Brent crude, a 4.63% rise in LPG price, a 7.17% increase in the price of Gasoline, and a 7.43% jump in Gasoil price; all on the international oil and fuel markets,” a statement signed by the research analyst of IES, Fritz Moses explained.
“Further depreciation of the Ghana Cedi against the US Dollar adds on to the factors expected to push up the prices of liquid and gaseous fuels in the country,” it added.
Prior to this, the Chamber of Petroleum Consumer Ghana (COPEC) has predicted a 30 pesewas increase in fuel prices in the coming days.
The move is however likely to impact the cost of goods and services and a hike in transport fares.
