Consumers to pay more on fuel as prices of petroleum products further increase on Wednesday, March 16, 2022, to ¢10 per litre.
Oil prices have been on the boil ever since Russia invaded Ukraine ; the surge in crude on the international market has fears that oil and gas supplies from energy giant Russia could further experience retaliatory western sanctions.
crude prices predicted to reach as high as 185 dollars a barrel. In its projections for the March 2022 Second Pricing Window, which will take effect from March 16, 2022, to March 31, 2022, the Institute for Energy Security (IES) has said the price of Liquefied Petroleum Gas (LPG) will go up by 3 per cent whereas petrol and diesel would go up by 5 per cent and 9 per cent respectively.
Meanwhile, the National Petroleum Authority (NPA) says the Oil Marketing Companies are not adjusting their pump prices beyond the indicative prices provided to the authority.
Communications Manager for the NPA, Mohammed Abdul-Kudus explained that “the review might be irregular but it is not illegal.”
“The OMCs and the fact they are buying it through the BDCs are minded by the consequences of the future and so you see the marginal review.”
Currently, petrol and diesel are selling at an average of ¢8.2 per litre at the pumps.
In the March, 2022 First Pricing Window, the IES found that the Cedi depreciated by 4.82 per cent to close at GH¢7.17 to the Dollar from the earlier window’s rate of GH¢6.85 to $1.
COPEC’s prediction
The Chamber of Petroleum Consumers Ghana (COPEC) has also projected that the price of diesel is likely to sell at over ¢10 per litre while petrol will cross ¢9 from Wednesday.
DEPDOCOM ACCRA
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