The Institute of Energy Security (IES) is predicting that Oil Marketing Companies (OMCs) in the country are likely to sell petrol and diesel at GHC7.00 per litre at the pumps for the first time.
According to the IES, the prices of petroleum products are expected to further go up by 40 pesewas per litre in the second pricing window of January.
A statement signed by the research analyst of IES, Fritz Moses, said “on the back of the 7.42% increase in the price of Brent crude, the 9.46% increase in the price of Gasoline, the 8.52% increase in Gasoil price and the 0.3% depreciation of the local currency against the US Dollar; the Institute for Energy Security (IES) informs consumers to remain expectant of a further increase in fuel prices at the pumps, between Ghp30 to Ghp40 per litre.”
“The imminent price increases may force some OMCs to sell Gasoline and Gasoil at GHC7.00 per litre at the pumps for the first time,” the statement added.
Prices of fuel at local pumps saw an increment within the first pricing window.
Petroleum products prices per litre rose from circa GHC6.50 on average at most pumps to reach GHC6.70 within the window under review.
According to the IES, the imminent increase in fuel prices is due to the 7.42% increase in the price of Brent crude, gasoline and the slight depreciation of the Ghana cedi.