The Institute of Energy Security (IES) has warned of tougher times ahead as prices of petroleum products increase again.
Last Sunday, fuel prices saw an increase as petrol sold at GH¢13.10 while diesel went for GH¢15.99.
But currently, some Oil Marketing Companies are selling petrol at GH¢17 while diesel sells at GH¢19.
Industry players continue to attribute the situation to the depreciation of the cedi against the dollar.
In an interview with Citi News, the Executive Director for the Institute, Nana Amoasi VII, said until the cedi regains its momentum, the effect would continue to worsen.
“Fuel prices on the international market are still going up and our cedi strength against the importing currency the dollar keeps weakening. Between the last pricing window and now, we have seen a difference in pricing by about 10 percent.”
“The situations on the world market are not going anytime soon, so we may be seeing fuel prices going up and when you come to the domestic front, there is no clarity on measures the managers of the economy are taking to bring down the fast depreciation of the cedi. So we may be heading for more rough times”, he predicted.
Meanwhile, the Chief Executive Officer of the Oil Marketing Companies, Kweku Agyemang Duah said an intervention by the Bank of Ghana could salvage the situation.
“One cannot control what is happening on the market. Things are moving so rapidly and that it is having an effect on us.”
