By Mabel Annang
Without any government intervention, fuel prices will go up between 5 and 9 percent per litre from today, January 16, 2023, at the pumps. A litre of petrol will be offered at about 13 Cedis 50 Pesewas, while diesel will sell at 15 cedis.
A kilogram of LPG will also be traded at 11 Cedis. This will be the first time in the year that the prices of petroleum products will go up.
According to the Institute for Energy Security (IES), the expected rise in fuel prices is a result of the rise in the prices of petroleum products on the international market and the depreciation of the cedi. Adam Yakubu is a Research Policy Analyst with the IES.
With the first consignment of the Gold for Oil programme docking at the Tema Port, some Energy Analysts have described the 41 thousand metric tonnes of refined petroleum received under the policy as a drop in the ocean. Though the programme is to provide cheaper petroleum products for consumers and address the cedi’s depreciation against major trading currencies,
Some Energy Analysts say it is insignificant and will not have any impact or lead to price reduction at the pumps.
The consignment, which is valued at around 40 million dollars, was delivered by oil tanker, SCF YENISEI at the Tema Port. The first consignment, which is only diesel, will be discharged and sold by Bulk Oil Distribution and Transportation Company (BOST), to Bulk Oil Distributing Companies, BDCs across the country.
BOST said the Oil received has gone through the necessary checks and has been approved for the market. It is unclear when the next tranche of oil under the gold for oil policy will arrive.