From February 1, 2023, over the following two weeks, the Institute for Energy Security (IES) projects a 7%–13% increase in the price of gasoline, diesel, and liquefied petroleum gas (LPG).
Accordingly, gasoline will cost around $15 per liter, while diesel would cost more than $17 per liter.
The steep devaluation of the cedi over the past two weeks and the rising international fuel costs as shown on the worldwide S&P Platts platform, according to the IES, are to blame for the increase in domestic fuel prices.
The energy think group noted that despite the government receiving over 41,000 metric tons of diesel under its "Gold for Oil" program, the price of fuel will rise.
The Institute for Energy Security (IES) predicts a 7% to 13% increase in the cost of gasoline, diesel, and LPG over the two weeks ending February 14, 2023, based on growing worldwide fuel costs as shown on the global S&P Platts platform and the local currency's value drop versus the dollar.
"The increase in domestic fuel prices would be prompted despite the government receiving over 41,000 metric tons of gasoline under its "Gold for Oil" program, and customers must be ready to buy, for example, a litre of gasoline [petrol] for almost $15 in the coming days," it said.
global market for oil
From an earlier average price of $81.72 per barrel, the benchmark Brent crude oil price jumped to approximately $86.14 per barrel.
This indicated an increase in average price of 5.41% over the previous two weeks.
Brent crude oil price finished lower on Friday, January 26, 2023, after an initial steady climb to $88.16 per barrel at closure on January 23, making the commodity's weekly finish flat to lower.
After ending the previous day's trading at $87.28 per barrel and rising from the year's low of $72.50, Brent completed Friday's trading at $86.66.
local gasoline prices
On the domestic market, petroleum products received price rises during the second pricing window for January 2023.
For gasoline and diesel, prices rose by almost 9% and 6.67%, respectively.
Diesel prices rose from $14.40 to $15.36 per litre, while gasoline increased to $13.58 from $12.54.
The price of LPG was estimated to be 12.69 per kilogramme on a national level.
