The price of petrol is expected to increase by 5% to 9%, according to predictions by the Institute for Energy Security (IES).
However, the price of diesel and liquefied petroleum gas (LPG) is expected to remain unchanged.
The energy think tank has stated in its projection for the first pricing window of June 2022. ”The 5.49 and 4.13 percentage drops in the prices of diesel and LPG respectively on the international market may not necessarily lead to a reduction at local retail outlets as most marketers will look to maintain their prices to offset the losses from the depreciation of the cedi”.
On the back of the cedi’s depreciation and the 11.05% jump in the price of diesel on the international fuel market, petrol, is set to sell above ¢10.00 per litre, which translates into ¢45 per gallon.
Meanwhile, the price of diesel may cross the ¢12.00 per litre mark (¢54.00 per gallon) across most Oil Marketing Companies , (OMCs) despite of the drop in price on the world market, owing to the decline in the value of the cedi against the greenback.
Currently, the national average price is pegged at ¢9.75 per litre, and ¢11.71 per litre for petrol and diesel respectively. This is an increase of 5.06% on the previous average per litre price of ¢9.28 for petrol and a 5.30% increase over the previous diesel average price of ¢11.12 per litre.
