The Institute for Energy Security (IES) is projecting a rise in price of Gasoline (Petrol) ranging from 5 percent to 9 percent in the first pricing window of June.
The Institute is however predicting some form of stability in the prices of Gasoil (Diesel) and Liquefied Petroleum Gas (LPG) in the same period.
Per the IES Market scan, the current national average price is pegged at Gh¢9.75 per litre, and Gh¢11.71 per litre for Gasoline and Gasoil respectively.
But the Institute says on the back of the Cedi’s depreciation and the 11.05 percent jump in the price of Gasoline on the international fuel market; Gasoline in Ghana is set to sell above Gh¢10.00 per litre, which translates into Gh¢45 per gallon.
The price of Gasoil may cross the Gh¢12.00 per litre mark (Gh¢54.00 per gallon) across most OMCs in spite of the drop in price on the world market, owing to the decline in the value of the Cedi against the greenback.
Click here to read the full statement from the IES.
In a similar vein, the Chamber of Petroleum Consumers-Ghana (COPEC) is predicting the price of petrol at fuel pumps may hit almost GH¢11 by close of the week.
However, prices for Diesel and LPG are to reduce by 40 pesewas per litre and 17 pesewas per kilogram, respectively.
To address this trend, which stakeholders have termed worrying, the Executive Secretary of the Chamber, Duncan Amoah believes if no drastic interventions are made immediately, the situation will become dire in the coming weeks.
He recommends that “getting the Tema Oil Refinery to work will forestall some of the challenges we anticipate in the days and months ahead. We impress on authorities to ensure institutions like BOST are not neglected.”
“What you can control are your safety nets and for which reason, Ghana’s first president thought it wise to have a refinery on standby so that when Ghana gets crude in commercial quantities, we can be self-reliant. Unfortunately, at the time that we started producing crude in commercial quantities, the refinery has not been that productive. If you refine, you save the economy the pressure of being a price staker so that when there’s a hit on the international market, you can contain it,” he explained.