Fuel Prices Expected To Go Up In First Half Of June 2024, IES Cites Worsening Cedi

• Fuel prices are expected to increase again in the first half of June 2024 because of the worsening cedi
• The Institute for Energy Security cited developments in the foreign fuel and domestic forex markets
• The IES noted that the price of petrol has fallen by 4.17 percent, diesel by 0.87 percent, and LPG by 3.44 percent but this won't reflect in Ghana

According to predictions from the Institute for Energy Security (IES), fuel prices are expected to increase again in the first half of June 2024.

The IES cited the worsening cedi as the main reason for the expected increase in fuel prices.

It explained that petrol, diesel, and Liquefied Petroleum Gas have dropped internationally, but the depreciation of the cedi has prevented any benefits for Ghanaians.

IES' monitoring of petroleum products' performance in the world fuel market shows that petrol, diesel, and LPG prices have all decreased.

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The net changes in the price of petroleum products on the international market indicate that petrol has fallen by 4.17 percent, diesel by 0.87 percent, and LPG by 3.44 percent.

Petrol and diesel are currently selling at GH¢114.22 and GH¢114.00 per litre, respectively, whereas LPG went for GH¢115.63 per kilogramme.

Earlier, the Ghana Chamber of Bulk Oil Distributors said fuel prices were unlikely to see any major upward adjustment.

This was to dispel earlier speculation that the price of fuel could hit an astronomical GH¢18.

Two drivers’ unions increase fares

YEN.com.gh reported that following recent fuel price increments, the Concerned Drivers Association of Ghana and the Transport Operators Union of Ghana hiked their fares.

They say the increment in fuel prices, as well as other prevailing economic conditions, have informed their decision.

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They accused the government of failing to address their various concerns, leading to their tough decision.

However, this increment was followed by a sharp rebuttal by the Ghana Private Road and Transport Union (GPRTU), which said they had not approved any new fares and passengers must reject any upward adjustment.

They explained they were still in talks with the government to find an amicable solution.

Source: YEN.com.gh