Energy Update: Petroleum Prices Set to Surge from August 16th

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FILE PHOTO: A person uses a petrol pump, as the price of petrol rises, in Lisbon, Portugal, March 7, 2022. Picture taken March 7, 2022. REUTERS/Pedro Nunes

In a recent announcement from the Centre for Environmental Management and Sustainable Energy, consumers are bracing themselves for a notable surge in petroleum product prices set to take effect on Wednesday, August 16th, 2023. The increase in prices has been attributed to a confluence of global factors impacting the energy markets.

  1. Petrol Prices Surge by 3.36%

One of the key changes set to be observed is the rise in petrol prices. The price per litre is expected to increase by approximately 3.36%, reaching around Ghc13.39. This uptick in petrol costs is likely to have ramifications across various sectors, particularly transportation and logistics, potentially leading to an increase in consumer goods prices.

  1. Diesel Costs Surge by 7.4%

Another significant development is the considerable increase in diesel prices. With an anticipated rise of about 7.4%, consumers can expect to pay approximately Ghc13.891 per litre for diesel fuel. Industries heavily reliant on diesel for power generation and transportation may feel the strain of this increase, which could have cascading effects on the economy.

  1. LPG Prices Experience an 8.1% Rise

Liquefied Petroleum Gas (LPG) consumers are also set to face the brunt of rising energy costs. LPG prices are projected to surge by around 8.1%, equating to approximately Ghc12.10 per kilogram. For those using the standard 14.5kg LPG cylinder, this could lead to a price of about Ghc175.45 per cylinder. Household budgets and businesses dependent on LPG for cooking and heating purposes might have to adjust their expenditure plans accordingly.

Benjamin Nsiah, the Director of the Centre for Environmental Management and Sustainable Energy, expressed concerns over the implications of these price hikes. While the increases are influenced by global energy market trends, local communities and businesses are likely to feel the pinch as they adapt to the new pricing structure.

The announcement underscores the intricate relationship between global energy markets and local economies. As nations grapple with evolving environmental challenges and seek sustainable energy solutions, consumers are reminded of the interplay between economic decisions and the environment.

The Centre for Environmental Management and Sustainable Energy encourages individuals and businesses to consider energy conservation and explore alternative energy sources to mitigate the impact of these price increases. As the petroleum price adjustments take effect on August 16th, stakeholders across various sectors will be closely monitoring the unfolding consequences.

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