The 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.

“On the back of the cedi’s depreciation and the 11.05 per cent jump in the price of Gasoline on the international fuel market, Gasoline in Ghana is set to sell above GH?10 per litre, which translates into GH?45 per gallon,” it said.

Currently, a litre of petrol and diesel are selling at GH?9.85 and GH?11.95 respectively at the pumps.