Prices Of Fuel To Rise In February Despite Gold-For-Oil Policy
The Institute of Energy Studies has projected that Petrol will retail for about GH₵15 per litre in the next pricing window of February. This according to the institute is due to the about 10% depreciation of the cedi against the U.S. Dollar coupled with the price of Gasoline and Gasoil increasing by approximately 14% and 7.6%, respectively on the global market.
This is despite the government’s introduction and receipt of about 40,000 metric tonnes of fuel under the gold for oil policy which seeks to source cheaper fuel in exchange for gold. This is part of the government’s efforts at addressing the high cost of fuel at the pumps which have partly contributed to the hike in inflation in the country currently hovering around the 50 per cent mark.
Presently, the national average price per litre of Gasoline increased to Gh¢13.58 from Gh¢12.54, and Gasoil from Gh¢14.40 to Gh¢15.36 during the second pricing window in January.