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Per the IESâ prediction, petrol will sell at about Âą15 per litre, whilst diesel will go for over Âą17 per litre.
The domestic rise in fuel prices is attributed to the sharp depreciation of the Ghana cedi in the last couple of weeks, as well as the rising international fuel prices.
The energy think tankâs prediction of increase in fuel prices is on the back of the governmentâs receipt of approximately 41,000 metric tonne of diesel under its âGold for Oilâ programme.
âOn the basis of the rising international fuel prices as observed on the global S&P Platts platform, linked with the local currencyâs value decline against the greenback, the Institute for Energy Security (IES) estimates a 7% to 13% jump in the prices of Gasoline [petrol], Gasoil [diesel], and LPG over the next two weeks ending February 14, 2023â.
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âThe rise in domestic fuel prices would be occasioned in spite of governmentâs receipt of approximately 41,000 metric tonne of Gasoil under its âGold for Oilâ programme, and that consumers must be prepared to buy for instance, a litre of Gasoline [petrol] for roughly Âą15 in the coming daysâ, the IES noted in a statement.
World oil market
The international crude oil benchmark Brent increased to about $86.14 per barrel on average terms from a previous average rate of $81.72 per barrel.
This represented a 5.41% increase in average price over the last two weeks.
Following an initial steady grind upwards to $88.16 per barrel at close January 23,Brent crude oil price settled lower on Friday January 26, 2023, making the commodityâs weekly finish flat to lower.
Brent closed Fridayâs trading at $86.66 after closing the day before at $87.28 per barrel, up from the yearâs low of $72.50.