Fuel Price To Go Up By End of October

Ghanaians are not going to have smooth sailing towards Christmas and things are gonna get even harder according to the  the National Petroleum Authority (NPA) as prices of fuel are going to be increased.

 

According to Abass Ibrahim Tasunti, the Head of Pricing on the NPA, is estimating the price hike by the end of October since the prices have already gone up on the international market.

 

All issues being equal, for the subsequent window, [since] the value of petrol on the world market has elevated by about 9% and diesel has elevated by about 10%, so these two, holding all the pieces fixed will challenge that petrol will increase by about 5% and diesel additionally increase across the same figure which is able to take us to about GH¢6.84 for petrol and GH¢6.86 for diesel… That is the subsequent window, which begins from the sixteenth of October,” he mentioned on Citi TV.

 

According to Mr Abass it’s virtually impossible to avoid the increase in price with projections being at 6.8 cedis coupled with the massive amounts of importations that always happen whenever the curtains of a year is drawing close, which always depreciates the cedi.

We are able to get to GH¢ 7 by end of October. If we’re doing about GH¢ 6.8 for the projection, we’re nearly 14 pesewas shy so by the shut of the month which is the primary window in November if the development continues and the cedi comes below the form of stress you’ll usually see in direction of the final quarter due to the stress from importation, I don’t see how GH¢ 7 is just not possible earlier than November,” he added

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