PRICES OF fuel have increased marginally at the pumps following a prediction by the Institute for Energy Security (IES).
Some Oil Marketing Companies (OMCs) on Wednesday, February 1, 2023 increased prices of petroleum products. Leading OMC, GOIL is now selling a litre of petrol at GH¢15.25, from the previous ¢13.60.
Diesel on the other hand is going for GH¢15.90 per litre, from the previous GH¢15.52.
Other OMCs are expected to follow suit by announcing new fuel prices later today.
Ahead of the announcement of increases in fuel prices, the IES predicted between 7 per cent and 13 per cent jump in the prices of petrol, diesel and Liquefied Petroleum Gas (LPG), from February 1, 2023, for the next two weeks.
According to the IES, the rise in domestic fuel prices, is due to the sharp depreciation of the cedi during the last two weeks and the rising international fuel prices as observed on the global S&P Platts platform.
The energy think tank pointed out that the increase in fuel prices would be occasioned in spite of the government’s receipt of approximately 41,000 metric tonne of diesel under its “Gold for Oil” programme.
Meanwhile, the Chamber of Petroleum Consumers (COPEC) has appealed to transport owners to hold on with moves to push for an increase in transport fares as fuel prices go up.
The Ghana Road Transport Union (GPRTU) had earlier stated that it will demand for an increase in transport fares if prices of petroleum products continue to increase at the pumps.
But reacting to the issue, the Executive Secretary of COPEC, Duncan Amoah said the transport owners may have to wait until the end of the first quarter of the year before demanding for increase in fares.
“We think it is too early to start demanding for an upward review of fuel prices. At least we must wait and monitor the trend until March,” Mr. Amoah said.
By Jamila Akweley Okertchiri