The prices of petrol, diesel to go up again between 10% and 15%
By: Christina Nana Adjoa Acquah
Fuel prices will go up sharply again between 10% and 15%, beginning today, June 16th, 2022.
According to the Institute for Energy Security (IES), the price of petrol will increase by about 10% to sell above GH¢11per litre and diesel by about 15% to sell above GH¢14 per litre.
The Price of Liquified Petroleum Gas (LPG) is however projected to fall further by 5% from its current price.
The IES attributed the increment to the 0.86% depreciation of the cedi and the international market price increase of 14.81% for petrol and 17.67% for diesel.
It said the decision by OPEC+ at the beginning of the window to boost its production quotas did not have the desired effect on oil markets, with prices having increased since then.
The main reason for this upward pressure is that the world’s spare oil production capacity is extremely tight causing prices to spike above $110 per barrel and have since stayed beyond $115 staying above $122 per barrel by the end of the window.
The IEs further noted that close to the end of the window, Libyan oil production and exports were set to drop again after two export terminals were blocked on Thursday, and protesters threatened on Friday to close another oil port.
This was after the largest oilfield, Sharara, restarted oil production this weekend following weeks of shutdown over protests.
Again, with China gradually opening its economy up for consumption, prices began to tick up, reaching close to $124 per barrel only to fall back close to $120 per barrel after Beijing reimposed restrictions it had earlier lifted in the Shanghai district.
Prices of fuel on the local market increased by over 4% on average terms in the just ended pricing window as predicted by the IES.
The price of petrol and diesel increased by 5% and 3%.
All Oil Marketing Companies (OMCs) monitored in this window increased their prices at the