Fuel Price: Petrol And Diesel Projected To Increase Between 5% And 9% From January 16

• Fuel prices are projected to rise significantly at the pumps partly due to the cedi's downward spiral against the dollar in the last two weeks
• Energy think tank, IES, has said it foresees an increase of between 5% and 9% for petrol, diesel and LPG from January 16 to January 31, the second pricing window for January 2023
• An increase in the price of fuel is expected to significantly increase transport fares, as well as the cost of goods and services

Energy think tank, Institute for Energy Security (IES), has projected a significant increase in the price of petroleum products from January 16, 2023.

IES has predicted an increase between 5% and 9% in pump prices partly due to the cedi’s depreciation just before the second pricing window starts on January 16.

“Following the 8.69% rise in the price of Gasoline and 2.19% in the price of LPG [on the international market], together with the 9.89% depreciation of the local currency against the US Dollar, the Institute for Energy Security projects a rise in price for products at the various pumps,” the energy think tank said in a press release.

Read also

Cedi fall against dollar intensifies on January 16; fuel prices to go up

IES said in the press release that a marginal fall in the price of gasoil on the international market will be displaced by the significant depreciation of the cedi and push pump prices up.

The energy think tank also predicted that the cost of a litre of petrol will be priced averagely around GH¢13.50.

Also, the average cost for a litre of diesel has been projected to be GH¢15.00, while a kilogramme of LPG has been projected to cost roughly around GH¢11.00.

Meanwhile, the projected increases are expected to take a toll on transport fares across the country as driver unions have cited high cost of fuel as justification to increase fares.

Fuel price increases usually affect the price of goods and services in Ghana, thereby hiking up inflation significantly.

Read also

UK economy wins World Cup boost but recession looms

Local Currency Continues Poor Performance Against US Dollar And Other Foreign Currencies

YEN.com.gh has reported in a previous story that the Ghana cedi maintained its downward spiral against the US dollar on January 16, 2023, with $1 selling for over GH¢13 at forex bureaus.

Forex bureaus in Accra are trading the Ghana cedi at a buying price of GH¢12.50 for $1, and a selling price of GH¢13.20 for $1 although the interbank forex rate approved by the Bank of Ghana shows that the cedi was trading against $1 at a buying price of GH¢10.3305 and a selling price of GH¢10.3409.

Some 24 hours ago, the BoG-backed interbank rate quoted a buying price of GH¢9.0402 for $1 and a selling price of GH¢9.0492 for $1.

Source: YEN.com.gh