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REPORT: Fuel prices to rise in February despite gold-for-oil policy

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According to a projection made by the Institute of Energy Studies, the price of a liter of regular fuel at the pump will be around 15 Ghana cedis during the next pricing window in the month of February.

According to the institute, this is because the value of the cedi has decreased against the dollar by approximately 10%, and the price of petrol and gasoil has increased on the global market by approximately 14% and 7.6%, respectively. Additionally, the price of food has increased by approximately 5%.

This is in spite of the fact that the government has implemented and is in the process of receiving around 40,000 metric tons of gasoline as part of the gold for oil strategy, which tries to obtain more affordable fuel in return for gold.

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This is a part of the government’s efforts to address the high cost of petrol at the pumps, which has contributed somewhat to the rise in inflation in the country, which is presently hanging around the level of 50 percent.

During the second pricing window in January, the national average price of a liter of gasoline rose to Gh13.58 from Gh12.54, while the price of a liter of gasoil rose from Gh14.40 to Gh15.36.


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