Fuel prices shoot up again

• Posted on October 17, 2022October 17, 2022
• by Nana Kwesi Coomson
• Comment

On Monday, October 17, certain gas stations, notably Total Energies, raised their fuel rates to approximately GHC16 per liter.

Fuel prices at Total Energies are GH15.99 for diesel and GH13.10 for gasoline per liter.

Prior to Cedi’s decline against the dollar, the Institute of Energy Security (IES), a research tank focused on energy, predicted that fuel costs would rise.

The Cedi has continued to weaken against the US Dollar, according to the energy research tank’s analysis of the forex market over the past two weeks.

The Ghana Cedi lost a huge 2.5% value against the US Dollar from its previous rate of Gh10.53 to its current rate of Gh10.89.

To that end, “The Institute for Energy Security (IES) projects an increase in price for all major products at the pump, due to the increases in price of the products on the international market, and the significant decline in the value of the local currency against the greenback.

“The sharp rise in Gasoline and Gasoil prices on the global market may drive the price of domestic Gasoline and Gasoil rise higher, as against the rise in LPG price. In IES’ estimation, consumers of Gasoline and Gasoil may pay between 7 and 12 percent more for a liter at the pump in the next two weeks, with Gasoil per liter price hinging close to Gh¢15. Although the rise in price of LPG on the world market was moderate, the significant fall in the value of the Cedi, may cause the domestic selling price to rise by not less than 4 percent at the local pump.

“It must also be noted that competition for market share will account for variance in the rate of increases at the pump, across various OMCs.”