Prices of petrol and diesel are likely to rise by some 18 pesewas per litre this week, the Institute for Energy Security (IES) has projected.<\/p>\n Mr Fritz Moses, Research Analyst, IES, told the Ghana News Agency that the projection stemmed from the continuous rise in crude prices on the international market.<\/p>\n He said the increment in global prices was due to a rise in demand for petroleum products during the festive period among other factors.<\/p>\n \u201cSome OMCs have already made some upward adjustments and looking at the global trend, we expect other OMCs to increase their prices this week”.<\/p>\n \u201cWe expect prices to rise by some 18 pesewas per litre on average,\u201d Mr Moses said.<\/p>\n Brent crude settled up $1.20, or 1.5 per cent, at $78.98 a barrel at 1700 hours on Monday, January, 3, 2022, having earlier risen as high as $79.05 per barrel.<\/p>\n U.S. West Texas Intermediate (WTI) crude settled at 87 cents, $76.08 a barrel.<\/p>\n Fuel pricing in Ghana is deregulated, meaning prices on the international market directly affect prices at the local pumps.<\/p>\n The GNA\u2019s assessment of prices at the pumps showed that some Oil Marketing Companies (OMCs) had increased their prices marginally, with patrol and diesel selling at GHS 6.80 and GHS 6.85 per litre respectively.<\/p>\n Some other OMCs still have their prices as low as GHS 6.37 per litre for both petrol and diesel on Monday.<\/p>\n Mr Moses said the situation on the world market had not yet had any significant impact on local prices due to competition among the OMCs.<\/p>\n \u201cBecause of competition, the OMCs have dropped their margins so they could sell more volumes and still make some profit,\u201d he noted.<\/p>\n In its review of the December Second Pricing-Window, the IES projected that the reintroduction of the Price Stabilisation and Recovery Levy (PSRL), which was suspended for two months, would push fuel prices up in the New Year.<\/p>\n It said data monitored by the IES Economic Desk from the Foreign Exchange (Forex) market showed that the Cedi depreciated further against the U.S. Dollar by 0.5 per cent in the just ended pricing window to close trading \u00a26.24 to the US Dollar from the previous window\u2019s rate of \u00a26.21 to the US Dollar.<\/p>\n \u201cFor the January first pricing-window, the 8.18 per cent increase in the price of the International Benchmark- Brent crude, the 3.25 per cent increase in the price of Gasoline, the 2.09 per cent increase in Gasoil price, the 0.5 per cent depreciation of the cedi against the US Dollar and the reintroduction of the PSRL, the IES projects for the price of fuel on the domestic market at the various pumps to increase by at least 18<\/p>\n Gp, representing a 2.8 per cent increase,\u201d the IES said.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Fritz Moses, Research Analyst at IES Prices of petrol and diesel are likely to rise by some 18 pesewas per litre this week, the Institute for Energy Security (IES) has projected. Mr Fritz Moses, Research Analyst, IES, told the Ghana News Agency that the projection stemmed from the continuous rise in crude prices on the […]<\/p>\n","protected":false},"author":1,"featured_media":739446,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[599,600,601,602],"class_list":["post-739445","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-fuel","tag-ies","tag-prices","tag-week"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/739445","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=739445"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/739445\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=739445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=739445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=739445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Fritz](\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/01\/63009917.295.jpg\" "\\"Fritz")
Fritz Moses, Research Analyst at IES<\/span><\/span><\/p>\n<\/div>\n