IES predicts that fuel prices will rise further in November.
The Institute for Energy Security (IES) predicts that fuel prices will rise at the pump by mid-November.
This is due to the significant depreciation of the Cedi against the US dollar, as well as an increase in the price of gasoline on the international fuel market.
[adrotate group="2"]"According to IES, the price of gasoil per litre is set to exceed Ghc20.00, with a gallon price potentially reaching Ghc90.00 on the market. "Gasoline prices may also approach Gh18 per litre by mid-November 2022," according to an IES statement.
According to IES, the 1.43% drop in the price of LPG on the global market may not translate into a reduction at the domestic pump, "as it may offset Cedi's depreciation, forcing the commodity's price to rise further in the coming days."
Prices of various finished products on the local fuel market fluctuated repeatedly during the recently concluded pricing window.
"Every Oil Marketing Company (OMC) monitored by the Institute for Energy Security (IES) raised their prices twice or more before the pricing window closed." According to current pump prices, the national average price per litre of gasoline is Gh16.94, up from Gh11.05 in the previous window, representing a 53% increase. Gasoil’s national average price per litre jumped to Gh¢18.76 from Gh¢13.98, representing an increase of 34%.”
In the last pricing window, the IES MarketScan picked Petrosol, Engen, Sel, and Compass Oleum as OMCs with the highest-priced fuel on the market. Zen Petroleum, Benab Oil, Star Oil, and Goodness Oil were spotted as the OMCs with the least-priced fuel on the market at the end of the window.
also read: The government provides funds to senior high schools
The Government, through the Ministry of Education, has released funds to all Senior High Schools and Technical and Vocational Education and Training schools.
The funds comprised GH¢126,000,000 covering non-perishable food items to the National Food Buffer Stock Company and GH¢72,106,603 covering perishable food items and recurring expenditures.
This is stated in a press release signed by the Ministry of Education's Spokesperson, Kwasi Kwarteng, and copied to the Ghana News Agency.
The Ministry assured the public in the statement that it is committed to ensuring the timely supply of adequate and high-quality food items to schools.
"The Ministry also reiterates its commitment to ensuring the smooth and effective distribution of other resources in its efforts to improve and sustain quality education in Ghana," the statement continued.
The Conference of Heads of Assisted Senior High Schools recently expressed concern about food shortages in schools and threatened to close down severely affected schools.
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