Fuel prices could hit GH¢18 for diesel, petrol in the next few weeks - IES

The Institute for Energy Security (IES) says Ghanaians should expect to pay more for fuel in the coming days.

This is due to the increase in world market prices as well as the cedi's depreciation. 

Although crude is currently selling at $84 per barrel, there is fear that with the tension in the Middle East, the product could hit 100 dollars soon.

Speaking to JoyNews, the Executive Director of the Institute for Energy Security, Nana Amoasi VII said the development will have some implications for struggling economies like Ghana.

He predicts that pump prices could hit ¢18 for diesel and petrol in the next few weeks.

"What we see is that within the next six weeks, prices or international prices will go up and so we will be hit domestically.

That forex exposure will also hit us domestically.

"We also know that government may not be willing to reduce taxes and levies on fuel so we are not expecting any reduction in the coming six weeks.

So we can project that prices of gasoline, LPG and gas oil may not drop in the next six weeks," he said

Touching on this, the Head of Economic Regulation at the National Petroleum Authority (NPA), Abass Ibrahim Tasunti insists the authority cannot interfere in the pricing of petroleum products.

"NPA does not regulate the prices.

Taxes are also part of the price.

"They know very well that taxes on petrol have not been increased but the prices of petrol are going up because of the world market price.

On Thursday there was an increase again and even today we are not looking at 20 per cent again, we are looking at around 30 per cent.

"We think if we are increasing the fares by that margin it will support us a little bit for us to keep on running our services.