Fuel price to hit ¢24 per gallon in June

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Fuel prices have been projected to hit 24 cedis per gallon in the new pricing window which opens from June. Petrol and diesel currently sell at 5.25 cedis and 5.18 cedis per litre respectively at the pumps with a few oil marketing companies selling it at 5 cedis on the average. The increment is said to be occasioned by rising international market prices and a marginal depreciation of the cedi against the US dollar, the Institute of Energy Security (IES) said in a statement Friday. Foreign exchange market shows the cedi lost 2.71 per cent of its value against the U.S. Dollar in the window under review. It currently trades at 5.29 cedis from a previous average of 5.15 cedis Gasoline increased by 4.38 per cent, rising from 718.19 dollars per metric to 749.68 dollars per metric tonne.  Gasoil increased from 636.97 dollars per metric tonne to 639.88 dollars per metric tonne the IES noted. This represents a 0.46 per cent increase, the IES explained. The IES said even if the National Petroleum Authority intervenes as it did in current pricing window forfeiting the Price Stabilization and Recovery Levy mechanism in the Petroleum Price Build-Up, prices will still go up at the pumps. “We nevertheless foresee the likelihood of fuel prices inching more closely towards GH¢24 per gallon,” it predicted. It has thus advised the Ghanaian public “to take note of fuel filling stations price boards” before making purchases as some of the stations price their products far below the national average price due to the de-regulation policy. By 3news.com|Ghana]]>

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