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Cedi depreciation may force marginal increase in price of petrol, LPG from October 1, 2022

  • SOURCE: myjoyonline | Editor
    • POSTED ON: September 30, 2022
    • CATEGORY:

    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.

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