The price of petrol is expected to go up to GH₵12 per litre effective Wednesday, June 1, the Institute of Energy Security (IES) has predicted.
This is expected to have an impact on agribusiness and the cost of inputs and commodities. The high cost of fuel over the course of this year has resulted higher cost of mechanisation for farmers over the country.
The expected increase at the pumps represent a surge from five to nine per cent, compared to the last pricing window, which ended on May 31, 2022.
According to the IES, although there has been a 5.49 percentage drop in in the price of petrol on the international market, this may not necessarily lead to a reduction at local retail outlets as most marketers would look to maintain their prices to offset the losses from the depreciation of the cedi.
Diesel and Liquefied Petroleum Gas (LPG) prices will, however, remain stable, a projection by the IES indicates.
Currently, a litre of petrol and diesel are selling at GH₵9.85 and GH₵11.95 respectively at the pumps.