Fuel prices may see marginal increase from tomorrow August 16^th, 2022, the Institute for Energy Security (IES) has predicted.

This is despite the 8.48% fall in the price of petrol, 5.86% fall in the price of LPG, and the 7.26% fall in diesel.

“The steep depreciation of the Ghana cedi against the US dollar may wipe away the gains from the international fuel market. On the back of the fall in the value of the cedi, Ghanaians may either have to buy fuel at a much higher price or contend with the current pump prices, in the coming days”, it explained.

Two weeks ago, the local market saw marginal reduction in the price of petroleum products in response to price changes in the international market.

Oil Marketing Companies (OMCs), the IES, monitored within the pricing window shed off 40 pesewas on their prices at their pumps.

The national average price per litre of petrol stood ¢10.58, down from ¢11.30 in the last window, representing a 6.37% reduction.

The price of diesel per litre however stood at ¢13.28, from a previous average of ¢13.65, representing a 2.71% reduction.

World oil market

The price of Brent crude continued to fall on the international market.

The international benchmark saw a price reduction of 2.80% over the previous pricing window’s average price to a current average price of $98.38 per barrel, from $101.21 per barrel.

Cedi depreciation

The IES said its data from the foreign exchange (forex) market over the last two weeks depicts a further steep depreciation of the cedi against the US dollar.

The cedi depreciated by 5.40% from the previous rate of ¢8.35 to the current rate of ¢8.83 to the US dollar.