Deputy Energy Minister, William Owuraku Aidoo has cited the Russia-Ukraine war and the depreciation of the cedi as causes of the persistent increments in petroleum prices.
According to him, government is unable to do much about fuel prices since it is not responsible for the pricing of the product.
He was speaking on the floor of Parliament where he noted that government is working to ensure that consumers are cushioned.
“Sanctions and boycotts on petroleum exports from Russia, a major exporter especially to Europe, are reducing availability even further and intensifying upward pressure on fuel prices. Under the current deregulated regime in Ghana where government is not responsible for determining the prices of petroleum products, prices on the global market and the depreciation of the Ghana cedi against the US dollar are passed on directly to the end-consumer,” he said.
The Chamber of Petroleum Consumers has in an earlier statement noted that “Current Crude prices are at $124.96/barrel, resulting in processed Petroleum Products of $1,451.25/MT of petrol and $1,289.97/MT for diesel, coupled with further depreciation of the exchange rate of $1:GH¢8.0483 and the government’s applicable tax rebate of 15 pesewas per litre still in place till the end of June 2022.”
Meanwhile, fuel prices are expected to increase from Thursday, June 16, 2022.
Data from the Bulk Oil Distribution Companies as reported by JoyBusiness suggests that the price of a litre of diesel is expected to go up by 11.14%, while petrol will go up 13%.
In effect, the average price of fuel is likely to increase by about GH¢1.33 per litre.
Petrol prices are projected to go up by GH¢1.24/Litre which is an 11.41% increase and that of Diesel by GH¢1.43 /Litre also a 12.93% increase.
Petrol at various fuel pumps is currently selling at about GH¢10.10 per litre, whereas diesel is going for GH¢12.20.
This is due to the increasing cost of refinery despite a slight reduction in crude oil prices on the international market.
Sources ➡➡ Ghanaweb
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