According to the energy think tank, prices of fuel at local pumps saw a 3 percent increase in petroleum products with prices per litre rising from GH¢6.50 pesewas to GH¢6.70 pesewas in 2021.

The IES in a statement said “on the back of the 7.42% increase in the price of Brent crude, the 9.46% increase in the price of gasoline, the 8.52% increase in gas oil price and the 0.3% depreciation of the local currency against the US dollar; the Institute for Energy Security (IES) informs consumers to remain expectant of a further increase in fuel prices at the pumps, between 30 pesewas to 40 pesewas per litre.

“The imminent price increases, it said may force some Oil Marketing Companies (OMCs) to sell gasoline and gas oil at ¢7per litre at the pumps for the first time.”

On January 3, 2022, the Chamber of Petroleum Consumers-Ghana (COPEC-Ghana) also predicted an increase in fuel prices in the next few days.

COPEC said the prices of petrol and diesel are expected to go up by 3.7% and 2.5% respectively.

It said ex-pump prices of petrol and diesel are expected to increase by 24 pesewas and 17 pesewas respectively.

In a statement on Monday, January 3, 2022, COPEC said “The average surge for both products in nominal terms is 20 pesewas representing 3.1%. Some Oil Marketing Companies (OMCs) could increase their prices less than the 20 pesewas increase due to competition.”