You are here: HomeBusiness2022 01 14Article 1444318

Business News of Friday, 14 January 2022

Source: starrfm.com.gh

Litre of fuel to hit GH¢7 - IES

Fuel prices went up a number of times last year Fuel prices went up a number of times last year

Institute of Energy security says the prices of fuel at local pumps in Ghana saw a 3 percent increase in petroleum products with prices per litre rising from GH¢6.50 peswas to GH¢6.70 peswas in 2021.

Now, the institute is projecting a 7.42 and 9.46 percent increase in brent and gasoline prices respectively.

Following the positive global shift in prices, consumers should expect an increase in local fuel prices moving forward. Ghanaians should expect fuel prices this year to rise from GH¢6.70 pesawas to GH¢7 cedis per litre at the pumps.

The projected increase besides the rise of fuel prices in the global market will be as a result of the depreciation of the cedi against the dollar.

In the last quarter of 2021, fuel prices in Ghana went from GH¢6.64 cedis to GH¢7.07 cedis in December. Earlier on in December, upon an industrial action by Ghana private road transport union, the government directed oil marketing companies to lower fuel prices.

For a brief window, Ghanaians enjoyed relief at the pump as Goil and other OMCs lowered fuel prices by 15 pesawas bringing the price to GH¢6.70 cedis from GH¢6.85 cedi.

This quickly changed as global fuel prices began recording an upward trajectory this January. As of January 1st, to January 3rd of 2022, the price of brent was at 78.9 dollars. Quickly, from the 4th to 10th, the price ranged between 80.8 dollars to 81.99 dollars.