Petroleum goods will see a huge increase in price starting Wednesday, March 16, with consumers expected to spend GH.11 per litre.
The scenario has been attributed to market instability as well as the increased cost of petroleum on the international market, according to Bulk Oil Distributors.
According to Senyo Hosi, the cedi, which is falling against other major trading currencies, is also contributing to the surge in commodity prices.
Oil prices have risen to their highest level in more than a decade as a result of Russia’s invasion of Ukraine, and are on the approach of breaking new records, with crude prices expected to climb as high as 185 dollars per barrel.
According to the Institute for Energy Security’s (IES) forecasts for the March 2022 Second Pricing Window, which will run from March 16, 2022, to March 31, 2022, the price of Liquefied Petroleum Gas (LPG) would rise by 3%, while petrol and diesel will rise by 5% and 9%, respectively.
If the IES’ predictions come true, petrol will cost an average of GH.8.60 per litre by the end of the month, while diesel would cost an average of GH.8.90 per litre.
Meanwhile, the National Petroleum Authority (NPA) claims that Oil Marketing Companies (OMCs) are not changing their pump prices beyond the indicated amounts provided to the agency.
At the moment, petrol and diesel are retailing for an average of GH.8.2 per litre.
Before March 1, 2022, the average price of gasoline and diesel was GH.7.50 per litre, an increase of 8.6% over the previous pricing window.
The IES concluded that the Cedi depreciated by 4.82 percent in the March 2022 First Pricing Window, closing at GH7.17 to the Dollar, down from GH6.85 to $1 in the previous window.
In terms of the cost of gasoline on the worldwide market, the Institute discovered that the price of the international benchmark Brent Crude soared to 14-year highs during the time under review, averaging $112.87 per barrel, up 19.95% from the previous window’s average price of $94.10 per barrel.