Experts predict fuel costs will rise three percent in May’s second pricing window, according to the Institute of Energy Security.
Reports of the increase come after three consecutive pricing windows, where rates remained steady.
The slight surge could stem from a 1.33 percent depreciation of the Ghana cedi against the U.S. dollar, the IES report shows. Recent U.S. sanctions against Iran is a factor in increases as well, the report says.
Executive Secretary of Chamber of Petroleum Consumers (COPEC) Duncan Amoah said on Monday that he believes “a fully functional national refinery would have served a good catalyst to manage such price increases.”
Meanwhile, IES shows Zen Petroleum remains the frontrunner in the market with the cheapest fuel, followed by Benab Oil, Pacific, Lucky Oil and Frimps Oil.
Internationally, Brent crude prices continue to soar from $73.01 per barrel to $75.12 per barrel at close trading.
“The increases in Brent Crude price, as well as finished products and the depreciation of the Cedi, do not present positive news for the petroleum consumer,” the report reads.
Standard and Poor’s Global Platts benchmark shows gasoline rose 2.55 percent at $712.68 per metric tonne.
The National Petroleum Authority can opt to standardize prices with the Price Stabilization and Recovery Levy.
As of May 15, fuel sells at roughly GH₡ 4.57 per gallon.
Have your say
More News Headlines
- One-year-old stolen at Takoradi market, police on manhunt
- Police to deploy officers to new regions
- Cabinet approves ¢1b for road signs, traffic lights
- Kintampo accident: 35 persons burnt beyond recognition given mass burial
- 2019 Life Walk: ICGC donates ¢200K to Mental Health Authority
- Era of serving without promotion is over - Akufo-Addo tells police
- 'You are our most distinguished alumnus' - Buckingham University VC tells Bawumia
- Ancient Rome's sinful city at the bottom of the sea
- 7 Illegal Chinese miners arrested by ministerial committee
- No conspiracy in law school exams – Akufo-Addo
- Four remanded over kidnapping hairdresser
- Swedru municipal guard in assault case arrested
- Eugene Arhin recognised among 'Most Influential People of African Descent'
- Unemployed man remanded over robbery
- Absence of policy framework on road safety to blame for carnage - Lawyer