Fuel prices to go up from October 16 – IES

Fuel prices to go up from October 16 – IES

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Fuel prices are expected to go up at the pumps from Sunday, October 16, 2022, the Institute for Energy Security (IES) has projected.

This is 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 American greenback or US dollar.

“The sharp rise in gasoline [petrol] and gasoil [diesel] prices on the global market may drive the price of domestic gasoline and gasoil rise higher, as against the rise in LPG [Liquefied Petroleum Gas] price.

“In IES’ estimation, consumers of gasoline and gasoil may pay between 7% and 12% more for a litre at the pump in the next two weeks, with gasoil per litre price hinging close to ¢15”.

It added that “although the rise in the 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 per cent at the local pump”.

The IES however noted that competition for market share will account for variance in the rate of increases at the pump, across various OMCs.

Prices of petroleum products went up during last pricing window

Prices of finished products on the local market saw changes in the last pricing window across all Oil Marketing Companies (OMCs).

The national average price per litre of petrol stood at ¢11.05, up from ¢10.90 in the last window, representing a 1.36% increase.

The average price of diesel per litre fell to ¢13.98, from ¢14.45, representing a 3.25 per cent reduction.

The IES MarketScan picked Sel, GOIL, Total, and Shell/Vivo as OMCs with the highest-priced fuel on the downstream petroleum market.

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Source: Joy Business

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