When October ends, Ghanaians may expect to pay extra for fuel-related goods.
Following the collapse of the cedi versus the dollar, the Institute of Energy Security (IES) predicts an increase in fuel prices.
The Institute claims that another contributing element is the rise in product prices on global marketplaces.
The EIS found that although if the increase in the price of liquefied petroleum gas (LPG) on the global market may be small, Ghanaians may see a large surge in price as a result of the ongoing depreciation of the cedi.
The national average price per litre of gasoline currently stands at Ghc11.05 up from Ghc10.90 in the last window, representing a 1.36% increase meanwhile the average price per litre fell to Ghc13.98 from Ghc14.45 representing a 3.25 percentage reduction.
But in the IES’ analysis, it projected consumers of gasoline and gasoil may pay between 7 and 12 percent more for a litre at the pump in the next two weeks. This means gasoil per litre price hinging close to Ghc15.
To that end, “the Institute for Energy Security (IES) projects an increase in price for all major products at the pump, due to the increases in price of the products on the international market, and the significant decline in the value of the local currency against the greenback.
“Although the rise in price of LPG on the world market was moderate, the significant fall in the value of the Cedi, may cause the domestic selling price to rise by not less than 4 percent at the local pump,” the IES noted in its October projection.