The 4.26% depreciation of the cedi in the last two weeks may force prices of petrol and Liquefied Petroleum Gas to go up from Saturday, October 1, 202, the Institute for Energy Security has projected.
The price of diesel may however stay same.
Chief Executive Officer of the IES, Nana Amoasi, told Joy Business that despite the 8.41% percent fall in the price of Brent crude on the international market in the last two weeks, the cedi depreciation within the period is too much to bring prices of petrol and LPG down.
“The Cedi depreciation of 4.26% is enough to force prices of petrol and LPG to move upward in significant terms, irrespective of the marginal drop (1.59%) and the marginal increase (0.59%) in the price of petrol and LPG on the world fuel market”.
However, “the Institute for Energy Security (IES) projects some stability in the current price of diesel in spite of the 8.41% fall in the price of the product on the international market, as a result of the 4.26% decline in the value of the local currency against the US dollar.
Meanwhile, petrol sold lower in the last pricing window across majority of the Oil Marketing Companies (OMCs) monitored by the IES.
The national average price per litre of petrol is selling at ¢10.90, down from ¢11.30 in the last window, representing a 3.54% decrease. National average price per litre of diesel however remained unchanged at ¢14.45 as OMCs maintained their prices.
Latest Stories
-
School Feeding Programme: Bono East NIB seizes smuggled rice, arrest driver
7 mins -
Dr. Razak Opoku: Despite challenges, facts and data still prove NPP is better manager of the economy than NDC
15 mins -
Seidu Agongo: On December 7, it must be peace over power
23 mins -
2024 Election will take place on December 7; ignore misleading claims – EC
25 mins -
GPL 2024/25: Asante Kotoko bounce back with win over Aduana FC
51 mins -
GPL 2024/25: Gold Stars beat Vision FC to retain top spot
1 hour -
Ebo Whyte returns with ‘The 4Play’
2 hours -
2024/25 Ghana League: Heart of Lions sink Legon Cities to go third
3 hours -
Bright Simons: DBG, Ghana’s top development bank, goes for the jugular
3 hours -
Governance and Entrepreneurship consultant demands global support for Africa’s young farmers
3 hours -
Ghanaians reminded to prioritise regular health check-ups
3 hours -
Salah brace sends Liverpool 8 points clear
3 hours -
Leicester City sack manager Steve Cooper
3 hours -
Akwasi Sarpong wins AIBs 2024 Award for BBC OS coverage of Israeli hostage release
3 hours -
Gospel musician Adeline Baidoo shares inspiring story of triumph over adversity
4 hours