According to Nana Amoasi IV, the chief executive officer of the Institute of Energy Security, fuel prices could somewhat rise over the next few days as a result of the Ghana cedi's sharp devaluation.

0

He claims that starting on October 1, the price of gasoline and LPG may go up slightly while diesel prices are expected to stay the same.

1

He pointed out that despite the drop in crude oil prices to roughly 8.41% on the global market, Ghana was still unable to take advantage of them because of the weakening of the cedi.

2

“The Cedi depreciation of 4.26% is enough to force prices of petrol and LPG to move upward in significant terms, irrespective of the marginal drop (1.59%) and the marginal increase (0.59%) in the price of petrol and LPG on the world fuel market,” he is quoted by myjoyonline.com.

3

“The Institute for Energy Security (IES) projects some stability in the current price of diesel in spite of the 8.41% fall in the price of the product on the international market, as a result of the 4.26% decline in the value of the local currency against the US dollar,” he said.

4

Petrol currently sells at GH¢10.90 whiles diesel sells at GH¢14.45 at various fuel pumps.

5