The Institute said that fuel price will increase by 25 pesewas per litre if the suspended Price Stabilisation and Recovery Levy (PSRL) is reintroduced.
The IES said, “The pending increases come on the back of an 8.52% increase in the price of Brent crude, a 5.5% rise in LPG price, a 6.23% increase in the price of gasoline, and 9.86% jump in gasoline price; all on the international oil and fuel markets.
“Further depreciation of the Ghana cedi against the US dollar on the foreign exchange (forex) market adds on to the factors that will push up the prices of the commodities on the local market”, it explained.
Fuel pricing in Ghana is deregulated, meaning prices on the International markets directly affects prices at local pumps.
This comes after fuel prices increased to more than 7 cedis per litre at fuel pumps including Total, The current national average price for petrol is pegged at ¢6.90 per litre, while that of diesel stands at ¢6.98.
Meanwhile, transport operators such as the Ghana Private Road Transport Union (GPRTU) and the Concerned Drivers Association are holding deliberations for a possible increase in transport fares by February 2, 2022, as crude oil currently trades at over $90 per barrel today.
The Public Relations Officer for the Concerned Drivers Association, David Agboado said transport fares will be increased this coming Wednesday, February 2 which will be communicated to the public.