Barring any intervention from government, prices of petrol, diesel and Liquefied Petroleum Gas (LPG) may see an upward adjustment, beginning today May 17th, 2022, the Institute for Energy Security (IES) has revealed.

According to the energy think tank, the upward revision of petrol, diesel and LPG prices may be significant, on the back of rising international fuel prices, and the growing pockets of fuel shortages across the country, although the cedi appreciated against the dollar in the past two weeks.

“For the rest of May 2022, the 7.64% rise in Gasoline (petrol) price, 1.90% rise in Gasoil (diesel) price, and the 6.05% rise in the price of LPG on the international market will push local market prices higher”, it said in a statement.

In the first pricing-window of May 2022, the price of fuel saw increases on the local market, in response to the rise in prices on the international market.

Most Oil Marketing Companies (OMCs) increased the price of diesel by at least 5% to reach ¢11 plus per litre at their pumps. This is an increase of 7.34% increase over the previous price of ¢10.36 per litre.

Price for petrol however remained at ¢9.41 per litre,

Meanwhile, international Benchmark Brent price stayed beyond the $100 per barrel mark in this window. The lowest prices were recorded on May 10, 2022 at $102.46 per barrel.

The price averaged $107.63 per barrel, representing a 0.77% increase over the previous window's average price of $106.81 per barrel.