Fuel prices have shot up marginally in the Republic of Ghana, energynewsafrica.com can report.
As of Sunday, November 21, 2021, leading oil marketing companies, GOIL Company Ltd and TotalEnergies were selling a litre of petrol and diesel at GHS6.99, up by 9 pesewas from GHS6.90 per litre as of last Friday.
Many consumers had anticipated that the suspension of the Price Stabilisation and Recovery Levy (PSRL) would bring down the cost of fuel in the Republic of Ghana.
However, that appears to be wishful thinking.
Last week, energy think tank, Institute for Energy security predicted that fuels prices would remain stagnant during the second pricing window in November, citing a decrease in the price of benchmark crude oil Brent.
“The price of the refined products such as gasoline and gasoil, as monitored on Standard and Poor’s global Platt’s platform, also shows some changes within the period under review. The price of gasoline increased by about 2.40 per cent to close the window at US$837.21 per metric tonne from its earlier price of US$818.21 per metric tonne. The price of gasoline also increased within the period by 0.74 per cent to close trading at US$720.50 per metric tonne from its earlier price of US$715.23 per metric tonne in the second window of October 2021.”
It said data monitored by the IES Economic Desk from the Foreign Exchange (Forex) market shows that the cedi further depreciated against the U.S. Dollar by 0.66 per cent to close trading in the last window at Gh¢6.13 to the US Dollar from the previous window’s Gh¢6.09 to the greenback.
“Based on the 1.54 per cent decrease in the price of international benchmark Brent crude, the 2.40 per cent increase in the price of gasoline, the 0.74 per cent increase in gasoline price and the 0.16 per cent depreciation of the local currency against the US Dollar; the Institute for Energy Security (IES) foresee prices of fuel remaining stagnant for the window, despite the increase in the price of finished products. This is due to the recent increases in prices at the pumps which have generated a lot of public concern.”
As of Monday morning, Brent crude was selling at US$79.22 while West Texas Intermediate WTI was trading at US$76.24.