Thursday, September 1, 2022

Fuel Prices to go up between 5% and 10% IES


Beginning of September 2022, fuel prices are set to see a sharp jump between 5% and 10% at the various pumps. According to the Institute for Energy Security, this will add close to 70 pesewas to the current prices.

Presently a litre of petrol is going for about 11 on average and 13.70 on the average for diesel. The IES attributes the increase in fuel to sharp depreciation of the Ghana Cedi to the US dollar. which it puts it at over 10% during the last two weeks.It is therefore advising consumers to plan accordingly to expected price hikes in the coming days. 

"Whereas the prices of petrol has fallen to by 5.87% and that of Liquefied Petroleum Gas ( LPG ) by 3.28% on the world market, the Institute of Energy Security (IES) projects that prices of these products would rise at the pump. For diesel, 6

.48% increase in price will further increase the rate of price jump in September ( 2022 )", it pointed out.

Prices went up by 20 pesewas on August 16, 2022

During the period, the International Benchmark saw a 1.68% price reduction over the previous pricing window's average price to current average price of $96.72 per barrel in the previous pricing window.

Presently, the price ofBrent crude is hovering around $109 per barrel. 

And in addition we also spotted this Utility tariffs to be increased... 😳😭