Fuel Prices To Rise Again From September 16: IES Prediction To Affect Diesel And LPG

• Fuel prices are expected to increase on September 16, 2023, according to the Institute for Energy Security
• The CSO has predicted the prices of diesel and Liquefied Petroleum Gas (LPG) are expected to go up by 1% and 4%
• The Institute for Energy Security said prices on the international market contributed to the prediction

Fuel prices in Ghana are expected to go up from Saturday, September 16, 2023, according to projections from the Institute for Energy Security

The institute predicted that the prices of diesel and Liquefied Petroleum Gas (LPG) will increase by 1% and 4%, respectively.

However, the price of petrol will likely remain unchanged during the second pricing window.

“The impending increases are coming on the back of an increase in the international market price of gasoil by 3.33% and LPG by 2.95%, coupled by a 0.97% depreciation of the Ghana cedi against the U.S. dollar on the foreign exchange market."

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In its analysis, it noted that Brent crude price rose above $90 per barrel last week.

Ghana's first privately owned refinery to start operation

Meanwhile, YEN.com.gh has reported that a privately owned oil refinery will soon start production.

The Sentuo Oil Refinery is a $1.98 billion facility that would be sited at Tema in the Greater Accra Region. When the refinery comes on stream in August, it will produce five metric tonnes of petroleum products.

Experts have explained that a local refinery will beat down the cost of petroleum products for consumers.

Plan to lease TOR

The government plans to lease the refinery to Torentco Asset Management Group for $22 million over six years.

YEN.com.gh reported that civil society groups and experts in the downstream petroleum sector have also called on the government to halt the lease of the refinery.

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For instance, the Chamber of Oil and Petroleum Consumers said Torentco Asset Management does not have experience in running a refinery.

But workers at the refinery support the deal and have backed the moves by the government. Torentco is expected to refine up to 8 million barrels of oil annually and pay $1 million annually to the state as rent under the deal.

Source: YEN.com.gh