Thursday, November 30News That Matters

Fuel prices 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, which is currently hovering around the 50 percent mark.

Presently, the national average price per litre of gasoline increased to Gh¢13.58 from Gh¢12.54, and that of gasoil from Gh¢14.40 to Gh¢15.36 during the second pricing window in January.

The post Fuel prices to rise in February despite gold-for-oil policy appeared first on Citinewsroom – Comprehensive News in Ghana.

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