Fuel prices to increase again – IES

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The Institute of Energy Security (IES) has disclosed that petroleum prices in Ghana will go up again.

According to the Institute, the prices are expected to shoot up by 6%.

This, they said, is largely influenced by the sharp depreciation of the cedi against the US dollar.

“Other factors include the 3.33% increase in the price of Brent crude, the 2.71% rise in Liquefied Petroleum Gas (LPG) price, the 3.58% increase in the price of petrol, and the 4.50% jump in diesel price; all on the international oil and fuel markets”, it added.

Crude oil prices rose on Thursday, 24th February 2022 when markets became aware of a military operation sanctioned by the Russian leader, Vladimir Putin. The so-called “special military operation” in Ukraine organised under the hand of the President fueled market anxiety over the potential impact for oil and gas supply from the region and the escalating tensions of a potential World War III.

Recently, Vice President Dr. Bawumia said government is not to be blamed for the recent increases in petroleum prices.

 

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