The Institute of Energy Security (IES) has predicted that prices of petroleum products will likely rise by at least 5% from this coming Wednesday, 16th March 2022.
The second pricing window which is expected to start from the 16th of March to 31st of March will likely see the price of Liquefied Petroleum Gas (LPG) rise by 3%, whilst the prices of Petrol and Diesel are expected to rise by 5% AND 9% respectively.
As at now, petrol and diesel are selling at an average price of GHC 8.20 at most pumps. If the prediction by the IES should come to pass, petrol will be selling at around GHC 8. 60 per liter, with diesel selling at GHC 8.90 per liter by the end of the month.
LPG currently sells at GHC 9.67 per liter, meaning one requires GHC140 to fill a 14.5kg cylinder. With the expected 5% rise, consumers may be required to pay as much as GHC 147 to fill the same 14.5kg.
The recent increases in petroleum products has been attributed largely to the depreciation of the cedi, as well as the Russian invasion of Ukraine, leading to scarcity of crude oil and natural from Russia.
"As a result of Russia's invasion of Ukraine, the volatility of oil prices has grown, highlighting the importance of oil and gas to the global economy as well as the risks associated with supply disruptions", the statement from the IES said.
Many wonder what these disruptions will mean for the local economy here in Ghana.
Let us know your views on the issue in the comments.
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